Hi - Is there some sort of calculator out there that calculates the tax advantages of owning a home? I'm trying to see what the differences (cost wise) are between renting and owning. We currently own, so I know the property/school taxes we paid in 2010 as well as our mortgage interest are on our 2010 taxes.
Is the easiest way just to "re-do" our taxes without the home information?
Are you just looking at the tax differences? If so then yes I would run your taxes with out the home info.
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Thanks. I'll have to ask DH to do that, since he does our taxes (I wouldn't even know where to begin). I was hoping there'd be an online calculator, but I guess it's too complicated?
There is the government tax calculator. You need certain information, but you can run it once with the home owner tax advantages and then again without.
It is actually the withholding calculator, but if you have all your information , you may get an idea.