Mortgage interest deduction stays afloat with uncertain future

If you’re outside a major metropolitan area, it’s generally easy to buy a home with a mortgage of less than $500,000 and continue to reap the tax benefits of using the mortgage interest deduction.

Is your mortgage interest deduction at risk? What about your charitable donation deduction? Your real estate tax deduction? Your medical expenses deduction?. Under a new conservative plan introduced by Sen. Pat Toomey (R-PA), one of the members of the "Super Committee", the amounts that taxpayers could claim as deduction on a Schedule A would be limited.

The SALT deduction stays.. The mortgage interest deduction remains, but will now apply to as much as $750,000 in mortgage principal, down from $1 million under current law. However, existing.

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1. The tax bill that passed last year sharply cut back on the mortgage interest deduction. Before that happened I read about 1000 articles warning that if we took away this deduction it would severely hurt the housing market. We didn’t completely eliminate the deduction, but it’s more than half gone. And yet housing continues to boom.

This is merely a place where I can express myself. I will post news articles, points of faith, stories, fellow blogger posts (with due credit of course), and generally anything I feel is worthwhile.

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If Congress eliminates the tax deductions for mortgage interest and property taxes. I win because I can take those shares right out of the special situation bucket and keep them. And if I can sell.

MORE WEST WING DRAMA – Tons of heat generated on Wednesday. Collectively, the changes are likely to reduce the utilization of the itemized mortgage interest and property tax deductions, and in turn.

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This proposed tax plan is bullshit – Page 2 – Wine. –  · Limiting the home mortgage interest deduction will hurt only the rich and upper middle class. The $500,000 mortgage limitation will hurt upper middle class and the rich only.. *it does appear (for now) the 401 deduction stays, but it will probably come into play when they start whipping this and realize A) the optics on this for trumps.

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May Affect Mortgages. The mortgage interest deduction stays for first and second homes. But it, too, becomes less attractive. It will be less economically rational, if you will, to go for the.

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