The Sayeds bought a home in January and borrowed $400,000 to finance it. The mortgage interest and principal payment is $2,147 per month. In the first year, they paid $19,799 in interest, $5,965 in principal, and $10,100 in property taxes. They are in the 24% marginal tax bracket. Approximately, how much will they save in federal income taxes from home ownership the first year, if itemizing deductions? (Round to the nearest whole dollar.)

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The Answer of The Sayeds bought a home in January and borrowed $400,000 to finance it. The mortgage interest and principal payment is $2,147 per month. In the first year, they paid $19,799 in interest, $5,965 in principal, and $10,100 in property taxes. They are in the 24% marginal tax bracket. Approximately, how much will they save in federal income taxes from home ownership the first year, if itemizing deductions? (Round to the nearest whole dollar.)

The Sayeds Bought a Home in January and Borrowed $400,000