Can't find info on this anywhere-is US IRS doing away w/deducting interest on mtg payments?

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Can't find info on this anywhere-is US IRS doing away w/deducting interest on mtg payments?

Heard on local radio 9/27...but can't find anywhere...
Is the IRS thinking about fazing out the interest deduction that homeowners have on their mortgage payments?

* We lost the deduction for interest paid on car payments
* We lost the deduction for interest paid on credit cards

Now they are going to do away with this VERY NEEDED deduction on our taxes?

Please advise and thanks!!

101007 7:50

Wayne Z

Nothing has been done yet.....and probably won't be done in the near future.

One plan was to eliminate the AMT and offset that loss with a reduction (not elimation) of the mortgage interest deduction.

Another proposal was to phase out the deduction for people whose houses are over 4200 square feet. The theory was to discourage people from buying huge houses as they are so wastefull as far as energy is concerned.

Neither idea has had much traction in congress. Don't lose sleep over it.

bostonianinmo

It's just a rumor. A few deadheads in Congress have suggested it but there's little chance of it ever succeeding.

Oh, yeah, and switch Rush off. As you are learning, he's just a giant gas bag full of hot air and little else.

jonas_grant

Change your radio station, that's a bunch of BS. It's true that a study was conducted by the Bush Admin. where they were instructed to look at all options, and one possiblity explored was getting rid of this arguably unfair (to renters, among others) and not needed deduction - other countries survive without it and the U.S. did once, too. But the fact is the real estate industry has a very powerfuly lobby, this deduction is loved by most, and there is no way anyone is going to touch it - unless a flat tax or sales tax only system is put into place, and that's just not going to happen any time soon.

serpent.nine

I don't think so.The whole country would be in an uproar. My financial advisor said NO. Check your information and or call up your local Tax service .

John the bearded one

We have enough trouble,with our own income tax,here in the uk

stephenweinstein

The IRS does not decide this. Congress does.

Ask M

Did you call them directly and ask ????

Philip L

No because ending the deduction for interest on home mortgages would kill the housing market and end home ownership in this country.
Allowing deductions for interest on home loans is one of the few things the government has ever gotten right!

hottotrot1_usa

It is unlikely that they would do that. Every Congressmen in the country would get threatened by thousands of voters who own homes.

jamiebly

did you go to irs website www.irs.org

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