Mortgage Interest Deduction, Once a Sacred
Cow, Is Under Scrutiny
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: http://cowboybyte.com/15579/mortgage-interest-deduction-once-a-sacred-cow-is-under-scrutiny/#ixzz2DRtGYFiQ
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