The impending fiscal cliff is causing lawmakers to consider many tough decisions and make every kind of consideration for getting the government back on budget. That has led to the proposed slashing of a popular tax break that helps homeowners save thousands every year. The tax deduction that allows homeowners to write off the cost… Read More
During the arduous and acrimonious debate over the fiscal cliff, one potential part of the solution that has come up often is the elimination of the mortgage interest tax break. And while many lawmakers treat it as a sacred cow, it turns out the majority of consumers don’t take advantage of it. The average deduction… Read More
With the fiscal cliff drawing ever closer and lawmakers still at loggerheads when it comes to determining what federal programs or tax breaks might get the axe as they try to balance the budget, one particularly big concern looms larger than others. But now, the debate over what to cut and what to leave untouched… Read More
The Obama administration has proposed trimming a deduction for wealthy taxpayers, which it says will save $321 billion over 10 years and help close the federal budget deficit. It’s called the mortgage interest deduction, and it allows homeowners to deduct the interest they pay on their mortgages from their taxes. The deduction costs the government… Read More
The $8,000 tax credit for first time buyers appears to be headed for an extension. Under terms proposed in the Senate, the credit will be extended past the original November 30th deadline. It will now be effective until mid-2010, but a home would have to be in escrow by April to qualify for the credit.