If you’re considering getting married, it might be wise to think about buying a home, says Gordon Bussey Jr., Vice President of Intercounty Mortgage Inc. (800-593-4264), a lender based in Westbury, New York. Bussey says newlyweds can expect their taxes to go up as considerable amount, simply because most couples report a combined income when filing taxes. By purchasing a home you can counter you higher tax burden by deducting the interest on your mortgage, as well as real estate taxes (Use Schedule A on your income tax return). Call it Uncle Sam’s way of getting you to both settle down and settle in. For a reliable estimate of how much you’ll be able to deduct from your taxes now and in the future, simply multiply your monthly payments and property taxes (say $15, 000 annually by your federal tax income rate (the average married couple pays between 28% and 31%, meaning you’d multiply $15,000 by 0.28 or 0.31).
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