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v class="googleright">The Federal tax, State tax and FICA tax are three major taxes that we basically pay by law. The percentages someone gets taxed depends on a number of different factors. But the fact you have to keep in mind is that it is a myth if you think that the more money you make the bigger amount of tax you pay. If this idea circulates your mind, then you have to think again of how the federal tax process works.
To better understand how federal taxation functions, especially the deductions, let us use a model so we can recognize this better. For example, our taxpayer is John. He decides to purchase a house in January for two hundred fifty thousand dollars. He cannot afford to pay down payment so he applied for a full loan. He takes two loans: an 80 percent and a 20 percent loan. His eighty percent loan has 6.5% interest rate and the twenty per cent has an 8 percent interest rate. So if you compute, on the 80 percent loan he will be paying one thousand eighty three dollars of interest per month and on the twenty percent, he will be be paying three hundred thirty three dollars per month.
When he purchased this home there were fees to be paid on the transaction. One of them is the origination fee that is one percent and another one percent for the discount fee. That would be a total of three thousand dollars in today's real estate market that we typically see the seller pay for closing cost. So even though John did not pay for this fees directly, he can still utilize this five thousand as a deduction.
Again, if you do the math of the monthly interest rate, it will be one thousand four hundred sixteen money per month. It is sixteen thousand nine hundred ninety two dollars in a year, and the three thousand origination and discount fees, you can claim a tax deduction of twenty two thousand nine hundred ninety two dollars for that year.
One of the positive sides of having your own home specially owning rental residential property is taking advantage of your tax return. For the majority of homeowners this generally includes deducting interest price and property taxes each year. In fact, if you have a home based work you may even get additional tax deductions as long as you meet the requirements asked from a someone who is working at home. To qualify for tax deductions [link widoczny dla zalogowanych], you must have a dedicated work section in your house. It need not be a huge room [link widoczny dla zalogowanych], but a section of the room where you have your business equipment and supply. But if you are making use of your dining room as your business area, you do not qualify for the tax deduction since you use it both for business and personal purposes. Surely, you will be more than pleased to know how much deduction you can get out of all the advantages possible from having a rental property.
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