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Mortgage Interest Deduction, Once a Sacred Cow, Is Under Scrutiny

November 27, 2012 by legitgov

Mortgage Interest Deduction, Once a Sacred Cow, Is Under Scrutiny --Likely any caps would be structured to aim at high-income households 26 Nov 2012 A tax break that has long been untouchable could soon be in for some serious scrutiny. Many home buyers deduct their mortgage interest when assessing their tax bill, a perk that has helped bolster the income of millions of families - and the broader housing market. But as President Obama and Congress try to hash out a deal to reduce the budget deficit, the mortgage interest deduction will likely be part of the discussion.

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