Jonah, a single taxpayer, purchased a primary residence by borrowing $300,000 with a 6% loan secured...

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Jonah, a single taxpayer, purchased a primary residence by borrowing $300,000 with a 6% loan secured by the home. This year the loan required principal payments of $2,000 and interest payments of $18,000. Jonah also paid $8,650 for property taxes on the home. He has a marginal tax rate of 35%. If Jonah does not itemize his deductions, his standard deduction will be $13,850. How much tax will Jonah save by itemizing his deductions rather than claiming a standard deduction? Jonah, a single taxpayer, purchased a primary residence by borrowing $300,000 with a 6% loan secured by the home. This year the loan required principal payments of $2,000 and interest payments of $18,000. Jonah also paid $8,650 for property taxes on the home. He has a marginal tax rate of 35%. If Jonah does not itemize his deductions, his standard deduction will be $13,850. How much tax will Jonah save by itemizing his deductions rather than claiming a standard deduction?

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