Archive for May 18th, 2010

Mortgage Tax Deduction Myths

Tuesday, May 18th, 2010

Recently on Just Listed, the news website of the Pennsylvania Association of REALTORS, Smeal’s Austin Jaffe outlined eight myths about the mortgage interest tax deduction. They are:

1. The deductibility of mortgage interest is relatively recent in origin.
2. The current system treats all borrowers the same.
3. The current system, by providing tax deductions for borrowers, makes housing a good investment.
4. The current system helps young homeowners via the mortgage deduction.
5. The deduction of mortgage interest is a worldwide phenomenon.
6. Deducting mortgage interest is a stabilizing force in housing markets.
7. The mortgage interest deduction is the largest tax break available to households.
8. New proposals in Congress will limit or eliminate the mortgage deduction.

Read more about these myths in Jaffe’s post on Just Listed.

Tags: Jaffe, Real Estate, Taxes
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