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In reply to the discussion: Mortgage Interest Deduction: Not A Tax Break For The Middle Class [View all]NYC_SKP
(68,644 posts)1. I tend to agree. If it was a flat deduction, it would be more fair to middle class owners.
But when you think of how many cannot and will never be able to afford a home, it seems reasonable to eliminate it or at least find ways to limit it's extraordinary benefit to the very wealthy.
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I tend to agree. If it was a flat deduction, it would be more fair to middle class owners.
NYC_SKP
Nov 2012
#1
While technically true, this answer is missleading. While apartment (or any rental property)
kelly1mm
Nov 2012
#17
Years and years of experience. You would be suprised what people think they know about taxes.nt
kelly1mm
Nov 2012
#40
In the So Cal real estate business for years. Many deals were 3 and 4 legged...called "contingent"
libdem4life
Nov 2012
#31
In a very big way. It reduces the purchasing power of new buyers to buy the current inventory
libdem4life
Nov 2012
#39
I think most middle income folks overvalue the taxes saved through the mortgage deduction.
Hoyt
Nov 2012
#16
let's do some rough math. it's not unreasonable to pay a quarter of your income on mortgage
unblock
Nov 2012
#21
So one has taxable income of $300,000 -- I think they can squeeze out $10,500 in additional taxes.
Hoyt
Nov 2012
#41
you still get the deduction to $500,000 of a home's value - it's not like NO deduction
Lex
Nov 2012
#30
I sold my home this summer because I was underwater and got a great deal to get
beyurslf
Nov 2012
#33
Mortgage deductions in the 8-12% interest days in the 80s-90s real estate bubble were significantly
libdem4life
Nov 2012
#34