SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: GST who wrote (295255)12/2/2010 9:39:03 PM
From: Les HRead Replies (1) | Respond to of 306849
 
the non-refundable tax credit is only for the mortgage on the principal residence. it doesn't apply to home equity loans or second homes. it essentially fixes the deduction to 12 percent of the interest expense regardless of your income tax bracket. some have the credit at 15 percent. if it's a rental property, you're unaffected.



To: GST who wrote (295255)12/2/2010 10:08:48 PM
From: John VosillaRespond to of 306849
 
Those primary homeowners with small mortgages and little in any other schedule A deductions never get a direct benefit under the current code. Under the current code a married couple with just $3k in interest and $1k in RE taxes with nothing else gets zero federal tax benefits of being a homeowner because their itemized deduction will exceed that whether they own or rent.. I don't know if the proposed new tax credit is in addition to the standard itemized deduction..


HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2026 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News