People type “homeowner tax saving calculator” when they want a widget that prints a refund. Amy DeBusk Home Loans will not build that widget. Tax outcomes depend on filing status, other deductions, the SALT cap in federal law as it stands this year, California rules, and whether you itemize. Amy would be reckless to simulate your 1040. She will be useful about the lending side: what a Form 1098 is, why Prop 13 reassessment is not a deduction strategy, and why a jumbo payment is not “free” because interest exists.
Bring a CPA or enrolled agent for deductions. Bring Amy for the loan. (916) 705-2557 · adebusk@loandepot.com. Office 2999 Douglas Blvd, Ste 180 Rm. 111, Roseville, CA 95661.
Mortgage interest is a line, not a lifestyle rebate
If you itemize, qualified residence interest may be deductible within federal limits that have changed before and can change again. Points, investment properties, and home-equity debt have their own personalities. None of that is a reason to buy a more expensive Folsom house. A larger loan can mean more interest and still be a worse life. Mortgage Made Easy still means life first.
Your servicer issues tax documents after year end. Amy can help you understand which loan you closed. She cannot populate your software.
SALT, California, and why the internet fights
SALT is shorthand for state and local taxes, including property tax and state income tax, on a federal return. Federal law has included a cap on how much SALT you can deduct if you itemize. The cap figure and the rules around it are political and have been amended. This page will not print a dollar cap as if it were eternal, and it will not tell you whether Congress has changed it since we wrote this sentence. Ask your tax pro what applies to the return you are filing this year.
California property tax after a purchase is often a larger line than the seller’s old bill because of reassessment toward purchase price. That is a cash-flow fact for PITI. Whether that property tax helps you on a federal return depends on SALT rules, itemizing, and everything else on the return. Do not “buy for the deduction.” See California home loans for the Prop 13 buyer context, labeled as not tax advice there too.
What a lender can sketch vs what a CPA must own
Amy can sketch PITI with a tax line that is not the seller’s leftover bill. She can tell you when a property is in a CFD. She can tell you a 1098 will arrive. A CPA can tell you whether you should itemize, how SALT interacts with your wage withholding, and whether a refinance changes anything besides your payment. If anyone on the internet promises a specific refund from a Roseville purchase, they are not your fiduciary.
Investment property is a different return
Rental interest, depreciation, and 1031 ideas belong with a tax pro and, if you are financing, with the investor toolbox. Do not take primary-residence folklore to a Natomas rental. Occupancy lies also create tax messes Amy is not going to help you design.
Apply for a loan at https://www.loandepot.com/adebusk. NMLS 281056. loanDepot.com, LLC NMLS 174457. Licensed CA, TN, TX.
| Question | Amy | Tax pro |
|---|---|---|
| What will my monthly tax escrow look like after purchase? | Sketch from purchase price and local levies | Not their first job |
| Will this interest be deductible on my 1040? | No opinion that replaces a CPA | Yes, that is the job |
| Does SALT cap erase my property tax deduction? | Will tell you to ask with current law | Applies this year’s rules to your return |
| Should I buy a bigger house for a write-off? | Usually no as a life plan | May still say no |
Educational. Not tax, legal, or accounting advice. No rates.
Tax-note questions
Where is the calculator that shows my refund?
There is not one on this page. A refund widget would be fake precision. Use a CPA. Use Amy for the mortgage.
What is SALT in one sentence?
State and local taxes, including many property taxes, as they appear in federal itemized deductions, subject to whatever cap and rules apply for that tax year.
Does Prop 13 give me the seller’s tax bill?
Usually not on a purchase. Assessed value commonly moves toward what you pay. That is a payment fact. Deductibility is a CPA fact.
Can you be my tax advisor if I buy with you?
No. Branch Manager and originator, NMLS 281056. Not a CPA. Keep both professionals.
I am self-employed. Does this page cover my return?
Only to say the mortgage and the business return interact in ways Amy will not simulate. See self-employed loans and bring your tax pro to the bigger questions.