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Your annual mortgage payments total $20,000, of which $1,000 is principal repayment, $2,000 is homeowners...

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Accounting

Your annual mortgage payments total $20,000, of which $1,000 is principal repayment, $2,000 is homeowners insurance, $7,000 is property taxes, and $10,000 represents interest payments. If your standard deduction is $12,200, and you are in a 30% marginal tax bracket, how much will buying a home save you in income taxes?

1,440

5100

2340

1140

Answer & Explanation Solved by verified expert
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