This AP story: http://yhoo.it/n5S2KM, discusses the possibility of a reduction of the current mortgage deduction. It sounds like they are proposing that the mortgage tax deduction would be reduced from 1 million dollar properties to $500,000, and eliminate the mortgage tax deduction on second homes. This is undoubtedly one of the most cherished deductions for American families. It might be time to contact your congressman.
July 21, 2011
Bipartisan tax plan trims mortgage deduction
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Tim Gauntt
Tim is the owner / broker of two Century 21 Offices in the Dallas / Fort Worth area.
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