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How much taxes can you save in Bay Area by purchasing a house?

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Now that you've finally provided some specifics, let's take a closer look at your situation. Paying $110K in taxes for a two-income household in the Bay Area is painful but also quite common. read more

Now, in your case, you’ve got a sweetheart deal on rent. $2500/month rent for any decent 2 bedroom home is a good deal in the Bay Area. Since you’re not paying as much rent, your savings would be lower, only about $13K per year or 13.6% return on this example, before appreciation. read more

You owe property taxes each year you own, even if you don't have a home loan. Taxes paid to the local tax authority in which the home is located may be paid by your lender via an escrow impound account or directly, semi-annually or annually. You may deduct the amount paid for the tax year owed. Refer to the HUD-1 for the taxes you paid at closing. read more

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