Legal Question in Real Estate Law in California

What percentage of annual interest and property taxes paid on a home is refunded to the homeowner after writing off those expenses?

Example: If $10,000.00 is paid annually in interest and property taxes, and they are the only write-offs, what percentage of that expense would the homeownser recoup in a tax refund check?

Thank you


Asked on 8/18/09, 11:23 pm

1 Answer from Attorneys
Bryan Whipple Bryan R. R. Whipple, Attorney at Law

It ain't that simple.

Your tax refund, if any, is based in large part on what you've already paid through withholding and otherwise.

In no case is the tax collector going to pay you back more than you paid in. There is no gift element here.

See a tax preparer or consultant for particulars, or get some tax software and run a trial tax calculation.

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Answered on 8/19/09, 12:27 am


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