mortgage interest: Home Mortgage Interest Deduction
- 09/23/09 05:01 AM
At one time, home mortgage interest was an unlimited itemized deduction for income tax purposes. Many people still believe there is no cap on the deductibility of home mortgage interest. I was in a presentation at the Broomfield Chamber of Commerce where Fran Coet, managing partner of CPA firm Coet & Coet, described recent changes to deductibility of mortgage interest. The net effect is that both the interest on first mortgages and HELOCs are capped so that interest above a certain limit is no longer deductible. This primarily affects the interest on loans where the new balance exceeds the original purchase … (1 comments)
At one time, home mortgage interest was an unlimited itemized deduction for income tax purposes. Many people still believe there is no cap on the deductibility of home mortgage interest.
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