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... Commission officials are expected to look at preserving these breaks but at lower levels, people familiar with the matter told the Journal. ...
What purpose does the mortgage deduction serve, anyway? I have a home, pay 2 mortgages on it - and have never claimed it so I actually don't know what it is.
Anyone care to enlighten me?
It encourages people to buy a house when they don't need one. Think of it as a subsidy for the real estate business, loan companies, etc.
:rofl
indeed!
Deficit Commission Weighs Dropping Mortgage Interest Deduction - FoxNews.com
Your mortgage deductions seem to be the next target for the Obama Admin.
Obama's Admin. wants to keep on spending and somebody has to pay for it.
I hope it doesn't go through.
What purpose does the mortgage deduction serve, anyway? I have a home, pay 2 mortgages on it - and have never claimed it so I actually don't know what it is.
Anyone care to enlighten me?
Bill has covered the main parts of it.
It is mostly good for those that have high enough incomes, that they itemize their taxes, instead of taking the standard deduction.
There is a lot of fraud in itemization.
It's moronic because you can't deduct interest on cars or any other loan you take, but for homes, it's all good. :doh
It encourages people to buy a house when they don't need one. Think of it as a subsidy for the real estate business, loan companies, etc.
What purpose does the mortgage deduction serve, anyway? I have a home, pay 2 mortgages on it - and have never claimed it so I actually don't know what it is.I
Anyone care to enlighten me?
and all subsidies to the various markets....we would be better off paying full prices than to have the govt act as a middle man to subsidize certain industires.exactly. i have no problem getting rid of this distortion of the market via the tax code.
in fact, let's get rid of all deductions with the exception of healthcare, education, and child-raising.
I itemize and use this deduction every year. How nice that they did away with claiming deductions on credit cards and vehicle interest.. now mortgage interest too?
Hell. I might as well file short form. :?
I itemize and use this deduction every year. How nice that they did away with claiming deductions on credit cards and vehicle interest.. now mortgage interest too?
Hell. I might as well file short form. :?
I'm so lost - I've never claimed a deduction.
Why would one need to claim a credit-card deduction or deduction on vehicle interest?
Ok - I'll have to just read up on what deductions are (or were) . . . because I'm without a clue.
UtahBill said:Long time ago, you could deduct interest on cars, and more, but that went away.
Dulcinea said:There was a time when credit card interest could be deducted on an itemized return. Today interest on loans, and cc are loans, cannot be deducted if the debt is incurred for personal benefit.
I'm so lost - I've never claimed a deduction.
Why would one need to claim a credit-card deduction or deduction on vehicle interest?
Ok - I'll have to just read up on what deductions are (or were) . . . because I'm without a clue.
Yeah, I wonder if the OP was as upset with that as with this. I'm thinking...not...
On Oct. 22, 1986 Reagan signed a bill that eliminated interest deductions for consumer loans, which included cars, credit cards, etc.
The way things are going I am glad I am debt free.
You don't truly know freedom til you have cleared out all your debts...
You don't truly know freedom til you have cleared out all your debts...
For certain, it is important to be debt free before you retire. My wife's folks didn't have much retirement income, just SS and a small Idaho State teacher's retirement, but with no debt, they managed just fine.
Yeah, I wonder if the OP was as upset with that as with this. I'm thinking...not...
On Oct. 22, 1986 Reagan signed a bill that eliminated interest deductions for consumer loans, which included cars, credit cards, etc.
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