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

To: MulhollandDrive who wrote (142029)	8/20/2008 1:08:03 PM
From: GraceZ	Respond to of 306849

fascinating that he considers homeownership and charity* related* This is the thinking: The mortgage interest deduction is usually the one deduction that is large enough to push households over the threshold needed to justify doing itemized deductions (as opposed to the standard deduction). It is itemizing deductions which allows for the deduction of charitable giving. Charitable giving is typically a much smaller amount than mortgage interest for the average household. People who itemize deductions are much more motivated to give to charities than those who receive no additional tax benefit. Most households without a mortgage interest deduction do not reach the threshold necessary to allow their charitable giving to be deductible.

To: MulhollandDrive who wrote (142029)	8/20/2008 6:16:30 PM
From: ChanceIs	Respond to of 306849

>>>tax reform ... cap on the mortgage interest tax deduction<<< Ummmm. Welllll. Like..... I just don't get it. Didn't our hard working legislators ram through an emergency piece of legislation to allow FRE/FNE to lift the cap on jumbo mortgages?? Like....wasn't that....like....going to like...stop the decline in home prices because....like....if the rich could .... like....move up then there would be more McMansion room for ...like...the middle class to move up too. So like...if...we...like...limit the mortgage interest deduction....like...ummmm...like...why did we raise the amount of money that could be lent with the implicit gummint backup?? I am ... like...sooooo confused. Its like...we are giving those rich ba*&ards...like these ..low interest gummint backed loans...but then we are....like...taking away the deduction. I mean like..isn't it a wash....like..WTF!?!?!?