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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: el_gaviero who wrote (53508)	7/17/2006 8:47:52 PM
From: mishedlo	Read Replies (2) of 116555

Interest deduction for second homes about to go? Let's hope so. In fact, I hope they eliminate them altogether. mortgagenewsdaily.com Study Measures Mortgage Interest and Real Estate Tax Deduction Benefits Back in November we reported that The President's Advisory Panel on Federal Tax Reform had submitted recommendations to then Treasury Secretary John Snow. Principal among the panel's suggestions were the elimination of federal income tax deductions for state and local taxes which would include the current deduction for local property taxes and the replacement of the current deduction for interest payments on home mortgages of up to $1,000,000 with a tax credit of 15 percent of the mortgage interest paid. The Panel maintained that this change would actually be advantageous to low and middle income homeowners although comments received on this website from those who made the computations based on their own circumstances did not concur, at all! The recommendations would pretty much do away with any deduction for a second owner occupied vacation home which, with some restrictions, is allowed under the current tax code.

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