Mortgage Interest Deduction on the Chopping Block?
But supporters may have an uphill battle. Both Dems and Republicans have the mortgage interest deduction in their sights. If it goes away, first-time home buyers in particular may be affected, since interest payments are highest during the early years of a loan. The administration's budget reformers are proposing an alternative plan that would swap the mortgage interest deduction for a 12 percent tax credit for interest paid--less than many taxpayers now receive.
Find out how elimination of the mortgage interest tax deduction could affect you. Read the full story on Daily Finance.
For more insight on mortgages and refinancing see these AOL Real Estateguides:
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- When to Refinance
- Four Ways to Benefit From a Cash-In Refinance
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