Friday, February 7, 2014
Mortgage Interest Tax Deduction
Homeownership has long been the great American dream. Our tax laws have encouraged and indeed nurtured homeownership in three important ways: when you file your annual income tax return, you can deduct the interest you pay on your mortgage (up to a certain limit) ,and you can also deduct the real estate tax which you pay to your State and local governments. And when you sell your home, depending on the facts and circumstances, you can completely exclude a sizable portion of the profit you have made.There remains uncertainty as to how (or even whether) Congress will make radical changes to our tax laws. But for now, the benefits remain. The IRS has announced that personal returns can now be filed beginning January 31st.