Losing mortgage deduction?
Will homeowners lose mortgage interest deduction in the proposal by the tax reform panel? Don’t worry, I think some kind of tax benefits for homeowners will always remain, whether it’s mortgage interest deduction or credits. But the proposal, IF adopted, will decrease tax benefits for some. CNN Money explains it well.
The task of the tax reform panel is suppose to simply the tax code and make it more equitable. What they are proposing for mortgage interest is NOT more simple. And their definition of equitable seems to be make the rich pay more taxes.
No matter how they eventually reform the tax code, there will always be benefits to owning your own home. If you are still renting, find out what steps you can begin to make towards buying a home. Contact me.