J
John P
Guest
I am new to these housing and wanted to understand what exactly is this tax benefit you get when you buy a home.
I get 60K annual salary, lets say I buy home with 200k loan and with a 5% interest at 15 yrs fixed.
First year approximately I would have paid around 9K towards the loan interest and 9k towards the principal amount.
Now when I file my taxes as married with single kid, what tax benefit will I get w.r.t the above scenario (only related to housing).
1) Do I get the returns from irs w.r.t interest what I had paid as taxes 9k for my house ? if yes how much will I get back ?
I get 60K annual salary, lets say I buy home with 200k loan and with a 5% interest at 15 yrs fixed.
First year approximately I would have paid around 9K towards the loan interest and 9k towards the principal amount.
Now when I file my taxes as married with single kid, what tax benefit will I get w.r.t the above scenario (only related to housing).
1) Do I get the returns from irs w.r.t interest what I had paid as taxes 9k for my house ? if yes how much will I get back ?