So I bought a new home and wanted to know exactly what is tax deductible. Once I figure that out I would like to know about home much I can write off and subsequently how many dependents I should claim to maximize my monthly take-home without owing at the end of the year.
A little info:
I like in CA with a gross take-home of $77,000
The loan is for $413,280.81 & 3.25% interest rate
Monthly payment $2,701.05
$1,841.76 P&I
$80 home owners insurance
$350 Real Estate Taxes
$429.29 Mortgage Insurance
-of the $1,841.76 P&I about $1,100 is interest each month averaged for the first year (it's actually a little more but I want to play it safe)

So my question is, besides writing off the interest of the loan (at what $ amount I do not know), what else can I write off and what dollar amount? Then with that info how many dependents should I claim for federal?

You will be able to deduct the INTEREST portion of P&I, the real estate taxes, and the mortgage insurance.

That's about a $29,000 annual tax deduction. That is good for THREE allowances on your W-4 by itself.

Any income from your spouse?

Thank you so much!
No I file as single and am not married. Will 3 deductions still allow me to get a little back at the end of the year?

You can claim FIVE allowances with no fear of owing a lot at the end of the year. In fact, SIX allowances is probably very safe.

If you want to take a bit of a risk, claim SEVEN. You may end up PAYING with the tax return, but it should be well below the $1,000 limit.