Can I keep my mortgage deduction

CraigBean | Dec 5, 2012 04:41 PM ET At least kill it for 2nd homes, and perhaps lower the cap. Anyone buying a 2nd home can make do without the rest of us subsidizing their purchase, same for the high dollar houses as well. I`ve owned houses for 25+ years, and only a couple of times have I actually been able to use the deduction, because I bought a reasonable house, and have minimal other expenses.

EugeneDAlessio | Dec 5, 2012 04:41 PM ET Thanks to the corruption in the mortgage market back in 2007 I`m getting my house back from forclosure for NOTHING because the crooks can`t produce the original note with the raised signatures....thanks Goldman for being the best crooks in the world...I can finally take a trip to Africa now that I don`t have a mortgage payment to make....fight them people they`re lying about everything and were all in on the fraud Merry Christmas....I can say that can`t I and to all a good night

woodard258 | Dec 5, 2012 05:02 PM ET upto I saw the check of $8822, I have faith that...my... neighbour had been actualie making money parttime on their laptop.. there sisters neighbour has been doing this 4 only 6 months and resantly repayed the morgage on there appartment and got BMW. I went here, ace60

gram01 | Dec 5, 2012 05:41 PM ET Ok comrades; tell me if I pay my ‘fair share’ YTD I paid ~$40k in taxes (fed, state, ss, med), still 1 month to go in a year. When I do my taxes I will have to pay taxes on investment gains, another 30-40k this year. I deduct interest on my house and property taxes. My interest ~10k and property tax is about 8.5k (I live in fu high tax area). Income is ~$170k (ex investments). Comrades, do I paid my fair share???? Can I keep my mortgage deduction o Great Leader followers?? Can someone tell me how (as a lot of you state) I am being ‘subsidized’ by the rest of the country??? Is my 80k not enough????

gram01 | Dec 5, 2012 05:44 PM ET Ok comrades; tell me if I pay my "fair share" YTD I paid ~$40k in taxes (fed, state, ss, med), still 1 month to go in a year. When I do my taxes I will have to pay taxes on investment gains, maybe another 30-40k this year. I deduct interest on my house and property taxes. My interest ~10k and property tax is about 8.5k (I live in fu high tax area). Income is ~$170k (ex investments). Comrades, do I paid my fair share???? Can I keep my mortgage deduction o Great Leader followers?? Can someone tell me how (as a lot of you state) I am being "subsidized" by the rest of the country??? Is my 80k not enough????

drace1948 | Dec 5, 2012 07:44 PM ET @ninthgate, got it!!! Thanks for the laugh. It does however sound like something a wingnut would suggest.

V3rtical5m1le | Dec 5, 2012 07:54 PM ET It`s an added incentive to buy that money pit of a house. They keep speaking about how important the housing recovery is and erasing that deduction would definitely put a nail in it. They are full of it and will not touch it.

sunnyroberto | Dec 5, 2012 10:19 PM ET Many homeowners with hefty yearly interest payments are also in high tax blue states. In New Jersey, someone making $125.000 with a $300,000 house would be paying at least $8000 in property taxes (and maybe more than $10,000) + $10,000 in mortgage interest + $2000 in state income taxes. Add in a few thousand in charitable deducations (church tithes?) and you`ve got enough to itemize.

ninthgate | Dec 6, 2012 07:02 AM ET FWIW, a low bar flat tax wouldn`t generate enough revenue, since approximately half of all reported income is in the top quintile, and it goes parabolic in the top 1%. Flat tax is a canard that sounds equitable, but doesn`t account for the real world as to how income actually is distributed in the US.

jswanstr | Dec 6, 2012 10:27 AM ET New Rule: The next time someone says they shouldn`t pay higher taxes or they shouldn`t have a certain entitlement cut because they spend that money and it stimulates the economy, they need to retake Accounting 101. There are two sides to every transaction. The government doesn`t burn the money after they collect taxes. It gets spent (you can agree or disagree with the way the government spends it) and the same argument could be made about the way the government spends it. Even if the government just gives it to some deadbeat, the deadbeat is going to spend it on vodka, creating jobs for farmers and distilleries. Heck... If that argument made sense, we shouldn`t collect taxes from anyone.






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