mortgage tax deduction: Real Estate Home Mortgage Deduction Soon to Vanish
- 07/03/09 07:47 AM
The American Dream is often paired with owning one’s own home. For decades Legislator’s have protected that dream with allowing home owners to claim the mortgage interest paid on their homes as a tax deduction. With a possible phase out of this deduction, could the dream fade? “There are no cows more sacred in the tax code than the deductions for mortgage interest and property taxes. Together, they add up to at least the $ 75 billion annual subsidy for housing and Homeowners. ” The New York Times. In 2002, 37.2 million taxpayers claimed the deduction, writing off $336.6 billion, or … (2 comments)
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The American Dream is often paired with owning one’s own home. For decades Legislator’s have protected that dream with allowing home owners to claim the mortgage interest paid on their homes as a tax deduction. With a possible phase out of this deduction, could the dream fade?
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