mortgage interest deduction: Mortgage Interest Deduction - 03/28/11 11:41 AM
Please help us spread the word about the importance of preserving, protecting and defending the Mortgage Interest Deduction. The Realtor Party needs everyone to participate in this Call for Action to preserve, protect and defend MID so please take action today.
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mortgage interest deduction: Mortgage Interest Deduction – Enjoy It Now, Because… ! - 09/01/10 01:48 PM
 

Individuals are permitted to deduct mortgage interest paid on mortgage debt of up to $1 million. The deduction is available for interest on mortgages for a principal residence and one additional residence. The $1 million limitation represents the combined allowable debt on two residences. Mortgage interest on up to $100,000 of debt on home equity loans or lines of credit also qualifies for the deduction.
As part of its FY 2011 budget, the Administration has proposed limiting the value of the MID for upper income taxpayers by, in effect, converting the deduction to a 28% tax credit for those … (0 comments)