The home mortgage interest deduction saves the average homeowner thousands of dollars at tax time, helps support community home values and assists the first time buyer purchase a home. A tax deduction for mortgage interest makes owning a home more affordable because the deduction lowers the amount of tax you pay. It has been estimated that 37% of homeowners with an outstanding mortgage spend more than 30% of their income for housing. By paying less for housing will give you a larger disposable income for savings and other expenses. Making the American Dream a reality for many will increase the number of renters who can afford to buy a home of their own. With more potential home buyers in the market, it will help keep home prices stable for current home owners. A mortgage interest deduction will apply to any home owner who is a U.S. taxpayer and who itemizes their taxes. Mortgage interest from a primary residence or second-home debt totaling $1 million, and interest paid on home equity debt of as much as $100,000 will be eligible. For help in finding and closing on your perfect Hoboken home,contact Eddie Perez, Broker-REALTOR, CDPE. Eddie’s market includes Hoboken, a progressive city where they’re always coming up with new ways of making it a better place to live, Jersey City, Weehawken and Union City. Eddie can also be reached by phone at 201-344-2886.
RE/MAXCamosun (Chatterton) - Victoria, BC
Selling Homes in Beautiful Victoria
Eddie, I wish we had home mortgage interest deduction here in Canada. We've talked about it, but the government says "No."
Nov 19, 2010 01:47 PM
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist
Sothbey's International Realty - Hoboken, NJ
This popular deduction is at risk, at least for some income groups. It is hard to believe there is a real chance it might be eliminated.
Nov 21, 2010 02:53 PM
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