The tax deduction is calculated differently from the interest deduction.
- The $2,209.00 is mortgage Insurance (commonly called Points). This is a form of interest.
- Add this to the $4,702.67 and you will get
- $5.682.67 ( I'm not sure of the small difference).
- This is the interest portion of your itemized deductions.
Generally, there are four types of deductible taxes:
- State, local, and foreign income taxes
- State and local general sales taxes
- State and local real estate taxes, and
- State and local personal property taxes
The cumulative total can not exceed $10,000
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