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How Significant is the Mortgage Interest Tax Deduction?

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Mortgage Professional America | 06 Dec 2012, 03:40 PM Agree 0
The mortgage interest tax deduction is considered to be one of the most equitable Bush-era tax breaks since virtually all American borrowers and taxpayers can take advantage of it.
  • Steve Cook | | 07 Dec 2012, 07:05 AM Agree 0

    The Mortgage Interest Deduction is not a "Bush-era tax break". Mortgage interest has been deductible since 1913. Under the Reagan tax reforms it was capped at $100,000 a year for a joint return on interest paid on first or second mortgages.

    All Americans can itemize deductions on their tax returns. Most choose not to because they are better off taking the standard deduction. The MID costs the federal government about $90 billion a year in foregone revenue, not uncollected taxes.

  • leon | | 08 Dec 2012, 03:24 AM Agree 0
    When you work with first time home buyers, the majority do not realize that the are going to get a deduction. What is with this Bush gave us the home deduction. I bought my first house in 1963 and got a deduction. We all are going to have to give inorder to get us out of this mess. Away with the mortgage interest tax deduction.
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