When the holidays are over and the new year rings in, the next big hurdle to overcome is the dreaded income taxes.
If you own a house and itemize, have you ever taken the mortgage interest deduction (MID)? What difference did taking the deduction make, if any, at tax time?
For those millions who itemize their taxes and are homeowners, how important is it to you to deduct your mortgage interest?
Are you aware there are some talk that mortgage interest deduction (MID), or some portion of it, is on the table for a cut in the grand bargain over the debt ceiling debate?
Major changes tohome ownership tax benefits like the mortgage interest deduction could adversely affect the wealth of middle and lower income families and make it harder for them to achieve their dreams of homeownership.
Two-thirds of all families who take the MID earn less than $100,000. Reducing or eliminating this crucial benefit would mean a tax increase for American home owners, who already pay 80 to 90 percent of U.S. federal income tax.
There’s no question we’re dealing with difficult issues when it comes to the future of our nation’s economy.