Home Mortgage Deduction Under Attack By Presidential Panel

April 3, 2009

Social Security may be the third rail of American politics, but the mortgage interest deduction is the equivalent of an electrified apple pie.

Under periodic and unsuccessful attack since the Reagan years, this rule allows homeowners to deduct interest on home mortgages (including, with certain restrictions, second mortgages and home equity loans) up to $1 million, and also the property taxes on those homes. Deductions are also available for second homes that are, however infrequently, owner occupied. That deduction can also be taken for boats and possibly other “residential” vehicles that function as primary or second homes.

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