Right….so in that second year when I had about $6500 in total itemized deductions, my only real tax benefit kicked in for the last $1500. My taxable income was only $1500 less than what it would have been if I was still renting.
I don’t have the tax tables in front of me, but obviously, I didn’t save much money at all (to say nothing of all the other factors we discuss here; maintenace, opportunity cost, etc., etc.)
