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

To: GST who wrote (295291)	12/3/2010 8:58:46 AM
From: Les H	Read Replies (1) \| Respond to of 306849

Taxpayers would lose other tax deductions and exemptions under the new plan so the net result is unclear. As someone else said in the other reply, they may jigger the standard deduction to account for the mortgage interest credit and also the elimination of other itemized deductions. I believe the cap gains exclusion for primary residences is also on the chopping block. See the Zero Option investmentnews.com People who pay cash for homes are at an advantage under the new plan. Much lower tax rates at the top end. Big reduction of the mortgage deduction for the middle class as many couples easily use up their standard deduction on state income taxes and real estate taxes.