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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Lizzie Tudor who wrote (44030)11/3/2005 2:49:57 PM
From: TommasoRead Replies (1) | Respond to of 306849
 
>>>Does anybody here really think this is a possibility?<<<

I guess I must not be anybody.

But here's what the federal Panel on Reform Options thinks:



The Panel recommends that the deduction for mortgage interest be replaced with a Home Credit available to all homeowners. The Home Credit would be equal to 15 percent of mortgage interest paid by a taxpayer on a loan secured by the taxpayer’s principal residence and used to acquire, construct, or substantially improve that residence. The Panel recommends that the deduction for interest on mortgages on second homes and interest on home-equity loans be eliminated



To: Lizzie Tudor who wrote (44030)11/3/2005 3:19:10 PM
From: bentwayRespond to of 306849
 
I don't really see how tax breaks for second homes are morally defensible. The only thing they have going for them is that so many congresscritters have two homes.


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