Mortgage interest deduction Articles

A Radical New Proposal for the Mortgage Interest Tax Deduction

The Common Sense Housing Investment Act would help millions more Americans claim the mortgage-interest tax deduction -- and still boost the government's tax revenues.

Could Itemizing Save You on Taxes? Find Out

Though we all groan about having to pay taxes, the government is nice enough not to tax us on everything we earn. There are two big buckets of deductions the government gives us: The first are called "above the line," and the second are called "below the line," and those are what we'll cover here.

Mortgage Interest Tax Deduction Battle Brews as 'Fiscal Cliff' Looms

Lawmakers of both parties are hunting for ways to raise tax revenue as part of a deal to avert the fiscal cliff. But they should stay away from touching the mortgage interest tax deduction, warns the U.S. housing industry, lest they throw a wrench the long-sputtering economic recovery.

Presidential Debate Preview: What They'll Say About Taxes

In Wednesday's much-hyped debate between Barack Obama and Mitt Romney, few topics will loom larger than taxes -- a subject about which the two parties and their standard-bearers are fundamentally, philosophically divided. Here's what you're likely to hear.

5 Reasons Why the Housing Market Recovery Won't Last

Home prices have finally started to inch higher. Builders are growing revenues again. But hold your applause: It may be too early to start calling this an actual housing recovery.

The Best Place to Put Cash: Extra Mortgage Payments

Eenie, meenie, miney, moe -- where should my cash savings go? That's the riddle many Americans are trying to figure out these days. After the necessities are taken care of, it's time to choose: mattress, stock market or mortgage? Do the math and the answer is clear.

Should You Pay Off Your Mortgage Early?

DailyFinance has asked you, our readers, for your personal finance questions, and many of you have responded. One popular topic of those queries has been mortgages. Today, we reply to Ed, a 57-year-old with a small home equity loan. Should he pay it off faster, or invest his extra money elsewhere?

A Peek Inside the IRS's Suggestion Box

In the complicated, confusing, and confounding world of taxes, we citizens have a little-known ally within the IRS: the Office of the Taxpayer Advocate, Nina Olson. Olson welcomes your thoughts via a suggestion box on tax reform. So far, she's received roughly 1,500 submissions, and she's still asking for more.

Time to Kill the Mortgage Interest Tax Deduction?

With proposals from both President Obama and GOP leaders to broaden the tax base, it seems likely that some cherished income tax deductions may be reduced or even eliminated, and one leading candidate for the chopping block is the deduction for mortgage interest.

Tax Tips for the Accidental Landlord

In today's shaky real estate market, more and more homeowners are becoming landlords, often as an unexpected necessity. Whether you're renting out your old house, an investment property or even a single room, being the landlord means tax breaks -- and you should take every one you can.