David SidoniFirst-time home buyer advocate, podcast host, and real estate pro helping renters become owners with real talk and no BS

HUGE tax bonus for home owners! #firsttimehomebuyer #firsttimehomebuyingtips #howtobuyahouse

Name: HUGE tax bonus for home owners! #firsttimehomebuyer #firsttimehomebuyingtips #howtobuyahouse
Uploaded: 2025-02-05T09:37:45+00:00
Duration: 9 s
Channel: David Sidoni
Description: Short YouTube video clip (David Sidoni) explaining tax benefits of mortgage interest. The dialogue claims that even on a $400,000 house with a 5% down…

5 Feb 2025 · 0 min

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0:09

Short YouTube video clip (David Sidoni) explaining tax benefits of mortgage interest. The dialogue claims that even on a $400,000 house with a 5% down payment, a borrower would pay about $26,000 in interest in the first year and could use that interest as a tax deduction/write-off.

I just bought this million dollar house. You could have put a bigger down payment. Why didn't you? So that I can take advantage of the amazing tax deduction you get when you have a mortgage and pay interest.
What if you can't afford a million bucks? Does it still work for you? Yep. On a $400,000 house with just 5% for your down payment, you're going to be paying $26,000 in your first year in interest. That's a $26,000 write off on your taxes.