As the House and Senate go into recess for the final campaign swings, once again they are putting elements of housing tax deductions on the chopping block. There is pending and proposed legislation to squeeze yet more dollars out of the already over-taxed middleclass Americans. They, once again, are looking lowering the amount of interest that can be deducted for the principle residence as well as finding ways to differentiate between actual property taxes paid and assessments that are tacked on to property taxes. Finally, for now anyway, they are re-looking at the points paid and interest deduction on the first $100,000 financed after the initial acquisition.
You may want to check in with your local Congressional Representative and Senator to see what they’re position is on modifying the tax deductions concerning primary residences.
Are you aware of any other pending legislation the we should be nervous about?
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