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By Jennifer Liberto Washington should stay away from touching the mortgage interest tax deduction, warns the U.S. housing industry. Lately, housing is on the mend and one of the few bright spots ...
During the arduous and acrimonious debate over the fiscal cliff, one potential part of the solution that has come up often is the elimination of the mortgage interest tax break. And while many ...
If you used a cash-out refinance in 2021 to get another $900,000 mortgage, you may be able to deduct the interest you pay on up to $825,000 in debt from your new mortgage—but not the additional ...
The president of The Peter G. Peterson Foundation said the fiscal cliff agreement "was a significant missed opportunity to put the nation on a sustainable fiscal path." [ 28 ] The Washington Post ' s editorial board said "the bill's enactment is far better than a failure by this Congress to act before it adjourns" but complained that "lawmakers ...
A home mortgage interest deduction allows taxpayers who own their homes to reduce their taxable income [1] by the amount of interest paid on the loan which is secured by their principal residence (or, sometimes, a second home). The mortgage deduction makes home purchases more attractive, but contributes to higher house prices. [2] [3]
The fiscal-cliff compromise on New Year's Day made substantial changes to existing tax law and permanently implemented a number of decade-old tax breaks for the vast majority of taxpayers. Yet ...
The "fiscal cliff" refers to December 31, 2012, the date of the expected implementation of government spending reductions and expiration of a large number of tax cuts, many of which were the tax cuts enacted under George W. Bush and extended by President Obama.
To understand how it works, take a look at this mortgage interest deduction example: If you purchase a $400,000 home with a 20% down payment and take out a 30-year, fixed-rate loan with a 7% ...