Mortgage deductions may change Scary story. Just as the housing market has begun to recover, changes are being contemplated to change the ground rules.
The mortgage tax deduction is a political minefield. On the one hand, renters are not provided an opportunity to deduct any portion of their rent from their income. Thus making the mortgage deduction an easy target in the name of housing equity.
However, the mortgage deduction is quite attractive to homebuyers and removing the mortgage interest deduction will make many by-pass home ownership. This in turn will eliminate many of the jobs that are just beginning to recover from the past couple of years downturn.
Just something to think about.
The mortgage tax deduction is a political minefield. On the one hand, renters are not provided an opportunity to deduct any portion of their rent from their income. Thus making the mortgage deduction an easy target in the name of housing equity.
However, the mortgage deduction is quite attractive to homebuyers and removing the mortgage interest deduction will make many by-pass home ownership. This in turn will eliminate many of the jobs that are just beginning to recover from the past couple of years downturn.
Just something to think about.
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