Young families, the middle class, and existing home owners benefit from the mortgage interest deduction.
There is a reason why the mortgage interest deduction has stood the test of time. It reflects a core value of America’s citizens.
By reducing the after-tax cost of a mortgage, the deduction encourages home ownership and helps people enter the middle class and live the American Dream.
There are a lot of home ownership tax benefits — if you don’t forget to take them. To make sure you get your due, HouseLogic asked tax expert Abe Schneier, a senior technical manager with the American Institute of CPAs, for tax-filing tips.
HouseLogic: What’s the most common home-related tax deduction or credit claimed by home owners?
Congress’s down-to-the-wire fiscal cliff deal on tax changes, which included some goodies for home owners, has put the IRS behind the eight ball. It’s scrambling to create new tax forms and modify old ones to reflect the tax code changes.
So if you’re raring to collect your due (and you’re eligible to), time to get Zen and sit tight.
In case you missed it, Congress resurrected: