is there a calculator to estimate what your tax refund would be if your income is a certain amount per year and you buy a property for a given amount? You’d think there be a calculator so at least we could have some idea the amount of tax advantages we’d receive.
Cost Segregation Expert and Investor · Lakewood, NJ · Member since 2017 · 1k+ posts · 1k+ votes
7y
@Nancy Lucca As far as I'm aware, the IRS doesn't give tax refunds for buying properties, so I'm not sure what your question is. Can you clarify please?
Ok maybe not a tax refund but a tax write off. For example, if I buy a personal residence for 400k and my earned income is 90k how much mortgage interest can I write off the first year, the second year etc? Then how can I compute that to find out what my tax refund will be at the end of the year? If I have more write offs my tax refund should be bigger. How can I get some ballpark numbers? There’s got to be a calculator somewhere. Everyone talks about the tax advantages of real estate there’s got to be a way to compute it before u buy.