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First, the purchase itself is not deductible (nor is the down payment), but mortgage interest and property taxes paid may be. However, Congress is considering limiting these as part of the tax reform bill.
More generally, any actual tax savings depends upon your overall tax situation, including your other deductions and credits. (As an aside, affording $1 million home on a $160,000 income is certainly a stretch.)
First, the purchase itself is not deductible (nor is the down payment), but mortgage interest and property taxes paid may be. However, Congress is considering limiting these as part of the tax reform bill.
More generally, any actual tax savings depends upon your overall tax situation, including your other deductions and credits. (As an aside, affording $1 million home on a $160,000 income is certainly a stretch.)
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