income tax: Mortgage Interest Deduction Teetering on the Edge of the Fiscal Cliff
- 12/13/12 12:30 AM
One of the many compromises being levied in the discussions on the Fiscal Cliff is whether or not the mortgage interest deduction on income tax should be allowed to continue in its current form.Currently, the mortgage interest deduction allows homeowners to reduce their income tax by the interest paid on mortgage balances up to $1 million as well as on home-equity loans equaling $100,000. Proponents for seeing the mortgage interest deduction removed state that it really only benefits wealthy homeowners, or those who need it the least. However, the National Association of Realtors (NAR) believe that the repercussions of removing the … (32 comments)
RE/MAX Exclusive Collection is a boutique real estate office located in College Park in Orlando Florida. Michael Kara, broker, has over 15 years of experience and closes more pro-consumer short sales than any other Realtor in Orlando.
One of the many compromises being levied in the discussions on the Fiscal Cliff is whether or not the mortgage interest deduction on income tax should be allowed to continue in its current form.Currently, the mortgage interest deduction allows homeowners to reduce their income tax by the interest paid on mortgage balances up to $1 million as well as on home-equity loans equaling $100,000. Proponents for seeing the mortgage interest deduction removed state that it really only benefits wealthy homeowners, or those who need it the least. However, the National Association of Realtors (NAR) believe that the repercussions of removing the … (32 comments)
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