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Mortgage Interest Deduction on the Chopping Block?

December 11, 2012 by Marco Santarelli

A tax break that has long been untouchable could soon be in for some serious scrutiny. Many home buyers deduct their mortgage interest when assessing their tax bill, a perk that has helped bolster the income of millions of families – and the broader housing market. But as President Obama and Congress try to hash out a deal to reduce the budget deficit, the mortgage interest deduction will likely be part of the discussion.

Limits on a broad array of deductions could emerge in any budget deal.  It is likely that any caps would be structured to aim at high-income households, and would diminish or end the mortgage tax break for many of those taxpayers.

[Read more…]

Filed Under: Financing, Real Estate Investing, Taxes Tagged With: Housing Market, Investment Property, mortgage interest, Mortgage Interest Deduction, Real Estate Investing, Real Estate Investment

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