Your Mortgage Payment Is $1,400 Per Month

Essay

Your mortgage payment is $1,400 per month.Of this amount,insurance is $50,property taxes are $200,and interest is about $1,000.Assuming you have other itemized deductions that already exceed your standard deduction and that you are in the 28% marginal tax bracket,what is the reduction in your tax liability as a result of owning a home with this mortgage? (Show all work.)