Refinancing a Home
Will Mortgage Interest Always Be Deductible?
Recent legislative proposals are designed to reduce the deficit by ending the mortgage interest deduction on mortgages that are above $500,000 instead of the current $1,000,000. Also, proposals include completely eliminating deducting interest on second homes – and home equity loans and home equity lines. Why? The tax breaks add up to nearly $131 billion dollars.
The impact on most homeowners will be minimal, since a small percentage of Americans have loans greater than $500,000, but millions of Americans have taken out home equity loans. Tax deductions that are here today may be gone tomorrow – make sure you keep track of the impact of legislation on your mortgage and your money.
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