Hello, my name is Doug Jones. I'm a mortgage lender and realtor in California. My company is called Mortgage Magic and Virus Realty. There has been a lot of talk about the new tax law and its impact on real estate, mortgages, and deductions. I want to clarify some things and address these topics one at a time through a series of videos. One of the things you may have heard is that the mortgage interest rate deduction dropped from a million dollars to 750 thousand dollars. This change affects the loan size. Let me provide an example to explain this further. Previously, with a million dollar loan at a 4% interest rate, the yearly interest payment would be around $40,000. Now, with the reduced loan size, it would be around $39,990. Please note that these figures are approximations for illustrative purposes only. Under the new law, individuals can only write off up to $30,000 in interest for a million dollar loan at a 4% rate. This means that instead of deducting $40,000, they can only deduct $30,000. However, I would like to point out that in California, Fannie Mae and Freddie Mac limit loan sizes to $679,650. Therefore, for loans under this limit, the interest deduction remains the same. For example, under the old law, a loan of this size would allow a deduction of $26,958. Under the new law, it would still be $26,958. It is important to consider that the average mortgage size in California is actually lower than many people assume—it is $336,250. Therefore, for the majority of individuals, this change in the interest rate deduction will not have a significant impact. I understand that living in the Bay Area means that homes are expensive, and for those who own million dollar homes, they have other write-offs and options...
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Mortgage interest deduction calculator 2023-2025 Form: What You Should Know
Mortgage Tax Deductions: Tax Savings or Higher Costs? — What's the best way to save the most taxes? Let's compare the benefits of several tax deductions and see how much you could save on your taxes each year. Deduction Calculator — Learn More Mortgage Interest Deduction — The Best Way to Reduce Taxes The Mortgage Interest Deduction is the best way to reduce your taxes, but there are many other ways you can reduce your taxes. The most effective tax deductions are the ones that are most likely to have a positive impact on your tax bill (you and your spouse will both be receiving the same benefit) and are the ones you have the most of. Let the mortgage interest deduction help you reduce your taxes — and your future tax bill. Click the yellow 'Add To Cart' button to start saving. Use the mortgage interest deduction calculator to determine your tax benefit, deduct your payment before calculating your taxable income and to figure out if this deduction is more affordable than filing jointly, filing a separate return or taking a tax credit. The tax deductions you choose will affect your net after-tax refund (the amount you get back after subtracting your Federal tax, state tax, local tax, Medicare tax, Social security retirement tax, and any other tax you may have), your tax refund as a percentage of the total amount you owe (the amount you get back to the same dollar amount as your original federal tax bill), and the tax savings you expect.
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