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Mon Nov 26, 2012, 08:45 PM

Mortgage Interest Deduction, Once a Sacred Cow, Is Under Scrutiny [View all]

Source: NY Times

By PETER EAVIS

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.

FULL story at link.


Read more: http://dealbook.nytimes.com/2012/11/26/mortgage-interest-deduction-once-a-sacred-cow-is-seen-as-vulnerable/?partner=EXCITE&ei=5043




Nick Ut/Associated PressMany analysts expect President Obama and Congress to limit the mortgage interest deduction for some households.

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Reply Mortgage Interest Deduction, Once a Sacred Cow, Is Under Scrutiny [View all]
Omaha Steve Nov 2012 OP
BlueMan Votes Nov 2012 #1
Fridays Child Nov 2012 #2
high density Nov 2012 #16
Gormy Cuss Nov 2012 #28
unblock Nov 2012 #8
BlueMan Votes Nov 2012 #27
Earth_First Nov 2012 #12
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