Save the Mortgage Interest Deduction

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Real tax reform is needed. This includes eliminating the deduction for mortgage interest. Here’s why: 1. This deduction annually costs the U.S. Treasury $70 billion. Of this, $48 billion goes to the.

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The GOP’s latest tax plan has kept the mortgage-interest deduction. hand to save for a home purchase, but it could also lower home prices, according to Cole. When the tax code creates advantages.

The federal government tries to encourage homeownership by offering tax breaks linked to mortgages, but recent changes to the tax laws will affect how much typical homeowners are able to benefit from.

PLAINFIELD, Ill. – The mortgage-interest deduction, a beloved tax break bound tightly to the American dream of homeownership, once seemed politically invincible. Then it nearly vanished in.

This can’t be emphasized enough: I personally save a lot of money because of the tax benefits. Of course, there are a lot of people who would have their oxen gored if the mortgage interest tax.

The mortgage interest deduction allows homeowners to deduct part of the cost of their mortgage on their taxes. The 2018 tax plan will limit the portion of a mortgage on which you can deduct interest to $750,000, as compared to the current limit of $1 million.

Mortgage interest deductions are a hot topic among home buyers. save thousands of dollars per year by using a mortgage interest deduction.

Let’s look at three tax breaks for homeowners and. out how much money they can save you and only claim them if that amount exceeds the standard deduction you’re eligible for. Most homeowners know.

Find out how the mortgage interest deduction helps improve your bottom line in this article from

The mortgage interest deduction helps make the tax code more progressive and primarily benefits middle class taxpayers. Data from the Congressional Joint Committee on Taxation shows that 82 percent of households who benefit from the mortgage interest deduction have incomes of less than $200,000.

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With the interest on a mortgage being deductible when you itemize deductions, it may surprise you how much you can save in taxes. Use this calculator to determine your potential tax savings with a mortgage. (Consult your tax advisor regarding the deductibility of interest.) This information may help you analyze your financial needs.