Will Congress Cut Mortgage Deductions?

By
Real Estate Agent with Connect Realty - http://www.NCRealEstateWeb.com

The Congressional Budget Office has prepared a report that suggests ways for Congress to raise revenues. One key suggestion is that Congress cut deductions for home owner mortgage interest from the present $1.1 million cap to $500,000, phasing in the reduction by $100,000 annually starting in 2013.

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Comments (2)

Tony Grego, 317-663-4173 #1 Trade Association for Alternative Inv
REISA - 317-663-4173 - Indianapolis, IN

If Barney gets his way yes. Very scary time for folks with big mortgages. Worst part, no one will refi them. UGH!

Good post

Tony

Sep 15, 2009 01:44 AM
Gene Riemenschneider
Home Point Real Estate - Brentwood, CA
Turning Houses into Homes

With the coming inflation this might basically eliminate the deduction for a good many people in the future.

Dec 06, 2009 06:42 AM