mortgage interest deduction - Articles

Homebuilders' Confidence Strongest in More Than 7 Years

AP By Richard Leong NEW YORK -- U.S. homebuilder confidence rose in July to its strongest level in 7½ years as tightening supply and solid demand even in the face of rising mortgage rates fueled the sector's recovery, data from the National Association of Home Builders released Tuesday showed. The NAHB/Wells Fargo... Continue Reading »

Fiscal Cliff Negotiations Could Hurt Underwater Homeowners

By The fiscal cliff draws closer by the day, and federal lawmakers are now trying desperately to reach an agreement that is at least somewhat palatable to both parties. Now, those negotiations might include a number of costly tax breaks designed to help consumers who owe more on their home loans than their... Continue Reading »

Mortgage Interest Deduction Teetering on the 'Fiscal Cliff'

The impending fiscal cliff is causing lawmakers to consider many tough decisions and make every kind of consideration for getting the government back on budget. That has led to the proposed slashing of a popular tax break that helps homeowners save thousands every year. The tax deduction that allows homeowners to write... Continue Reading »

Mortgage Interest Deduction: Most Consumers Don't Use the Tax Break, Report Finds

During the arduous and acrimonious debate over the fiscal cliff, one potential part of the solution that has come up often is the elimination of the mortgage interest tax break. And while many lawmakers treat it as a sacred cow, it turns out the majority of consumers don't take advantage of it. The average deduction taken... Continue Reading »

Mortgage Interest Tax Deduction Battle Brews in Washington as 'Fiscal Cliff' Looms

By Jennifer Liberto Washington should stay away from touching the mortgage interest tax deduction, warns the U.S. housing industry. Lately, housing is on the mend and one of the few bright spots in a lumbering economic recovery. Taking away a key tax break could throw a wrench into homebuying plans and hurt a... Continue Reading »

Homeowners: Take Advantage of Expiring Tax Deductions

By Stephen Fishman There are several tax credits and deductions set to expire at the end of the year, and given the federal deficit problem, there's a good chance they won't be extended. If you want to take advantage of them, you need to act before Jan. 1, 2012. Mortgage Insurance Premium Deduction If you itemize... Continue Reading »

Mortgage Interest Deduction: Housing Boon or Boondoggle?

With Congress expecting to slash more than $2 trillion in long-term spending as part of the debt-ceiling compromise, nothing is safe from the chopping block -- not least of all, that housing industry darling, the mortgage interest tax deduction. Often hailed as a boon to the middle-class by its defenders, the MID has been... Continue Reading »

Mortgage Interest Deduction on the Chopping Block?

One of Americans' most cherished tax breaks is the mortgage interest deduction. In a recent poll, more than 60 percent of Americans said they oppose getting rid of the mortgage interest deduction as a way of helping reduce the federal budget deficit. (To be fair, they opposed getting rid of any tax deduction.) But... Continue Reading »

Mortgage Interest Deduction: Do You Need It?

In case you missed it, The National Commission on Fiscal Responsibility and Reform, released its recommendation last week, including the proposed elimination or limitation to the mortgage interest deduction ("MID") for homeowners. In brief, the commission proposes to limit the mortgage interest deduction to only... Continue Reading »

Homebuyer Tax Credit or Mortgage Deduction?

While Sen. Bill Nelson (D-Fla.), pictured left, wants to talk about renewing the homebuyer tax credit, just about everyone else is discussing whether or not to change the mortgage deduction. Over the next year "deficit reduction" will be the buzzwords driving Congressional legislation, leaving little room in the budget for... Continue Reading »

Mortgage Tax Break: What If It Goes Away?

Realtors have gotten used to bad news over the last few years -- but the chatter about eliminating the mortgage tax deduction at last week's National Association of Realtors conference in New Orleans must have rattled them to their bones. Thomas Hoenig of the Federal Reserve Bank of Kansas City made the suggestion during... Continue Reading »

Housing Bubble Was Whose Fault? Not the Fed's, Says New Study

Don't blame the Federal Reserve for the country's housing troubles. At least that's what a controversial new study claims. Economic researchers from Harvard's Kennedy School and the Wharton School of the University of Pennsylvania believe they've proved that reduced interest rates and lax regulations were not the primary... Continue Reading »

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