Save the Mortgage Tax Deduction

If you’ve been tracking the US money woes you know that Uncle Sam is past checking the couch cushions for cash – He’s stripped the coach and has a metal detector out!  One topic that continues to circle is the Mortgage Tax Deduction for homeowners that allows and annual federal income tax write off for the amount of mortgage interest paid on your mortgage loans.  Despite the fact that only about half of Americans take advantage of the tax benefit, it still saves taxpayers over 100 Billion annually… and that money is looking really good to Congress right now.

But while the tax deduction may not equal more than a few hundred bucks for the average homeowner, that tax break has far reaching ramifications that may well affect the US Housing Market very negatively – at least for homeowners that actually run the numbers before making decisions on buying, selling, or refinancing.  Check out the National Real Estate Post from earlier this week for a great alternative.

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