Use The MCC Tax Credit To Boost Your Home Purchase Power

Use The MCC Tax Credit To Boost Your Home Purchase Power

Example of the Federal Tax Credit advantage of an MCC:

MCC of $2,000

No MCC With MCC
Taxable Income $50,000.00 $50,000.00
Mortgage Interest Deduction $10,000.00 $8,000.00
Taxable Income $40,000.00 $42,000.00
Federal tax liability @15% $6,000.00 $6,300.00
Subtract MCC amount n/a $2,000.00
Net taxes owed $6,000.00 $4,300.00
Annual tax savings $0.00 $1,700.00
Purchase power boost $0.00 $1,700/12 = $142
Increase in purchase power $0.00 $24,000.00

To find out how the MCC can boost you purchase power click here. 

 

By David Hughson

MCC Mortgage planner

858-863-0264

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