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John's Blog

By John | Renter in 11418

Looking for tax benefits of buying in Monroe, NY

Hello Trulia World,

I am a recently married man renting in Queens.  Although I have prior experience as a mortgage loan officer when I was younger and I have scoured the net for information on tax benefits of owning, I am still confused if it would make sense.  I will break down the numbers in my scenario:

My average annual income with overtime (over the last 5 years) $100,000

My wife's annual income $50,000

our current rent on a 1 bedroom in Queens $1,240 (4% annual increases)

We are looking to purchase a 3-4 bedroom single family home in Monroe (Orange County), NY for about $300,000 with 10% down next summer.  The real estate taxes on most of the homes we are looking at are between $7,000-$9,000 per year.

Also, we just found out that we are pregnant with our first child and are due at the end of April so the need for more space should also play a roll.  Does the ability to deduct the mortgage interest and property taxes greatly benefit us?

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