Jack Potts Best West Realty Ltd. 700 Tranquille Rd. PO Box: # 70 Kamloops, BC, V2B 8R3
Office: 250-554-4511 Cell: 250-571-8838 Fax: 250-377-4173
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home mortgage deduction |
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Explain the home mortgage deduction . .
The mortgage interest deduction entitles you to completely deduct the interest on your home loan for the year in which you paid it. Mortgage interest is not a dollar-for-dollar tax cut; it reduces taxable income. You must itemize deductions in order to do this, which means your total deductions must exceed the IRS's standard deduction.
Another point to remember is that the amount of interest on your loan goes down each year you pay on your mortgage (all standard home-loan formulas pay off interest first before significantly paying into principal). That's why paying extra on your principal every year can help you pay off your loan early.
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Kamloops News
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Kamloops News
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Local news for Kamloops, BC continually updated from thousands of sources on the web. |
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Canada's Pendrel finishes fourth at mountain bike world cup event
World champion Catharine Pendrel is already looking ahead after what she called the worst performance of her year.Pendrel, from Kamloops, B.C., finished fourth Sunday in the fourth round of the mountain bike World Cup.Pendrel was one minute 12 seconds behind winner Gunn-Rita Dahle Flesjaa of Norway.
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Photos: Best of 2012 Cloverdale Rodeo
B.C. tech sector companies ranked by number of employees in B.C. in 2012. Source: Business in Vancouver magazine.
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Sadok jumps for Ukrainian culture
Sadok Ukrainian Dance Ensemble members Aria Fedoruk, Baya Inzunza, Jorja Catt and Paige Fedoruk watch dancers on stage at the the recent Ukraine Fundraising Banquet in Salmon Arm.
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