The mortgage interest tax deduction that 38% of Maryland homeowners take advantage of could go away if a new bill introduced is passed. According to the Maryland Association of REALTORS(R) Action Alert about the reduction in tax deduction, "Under the proposal, if a Maryland taxpayer’s federal adjusted gross income exceeds $100,000; single taxpayer’s itemized deductions would decrease by 10% when [...]
There is a big issue affecting many homeowners in discussions in Congress right now, and whether you personally take the Mortgage Interest Deduction or not, this could be a big deal for your house value. Why? Many Americans do take the mortgage interest deduction on their federal taxes each year. If you bought a house [...]
Not only is the mortgage insurance deduction in homeowners' taxes creating an issue in Congress as the government struggles to balance the budget, if you are one of the many homeowners who DO take this deduction, you cannot file your 2010 taxes yet. This is due to tax laws that were enacted at the end [...]