Quote:
Originally Posted by buggyone
Not being political here - Eliminating the mortgage interest deduction was one point stressed by some of the candidates for President. This was NOT just for 2nd or vacation homes but for all homes.
I, also, have heard that Congress is very serious about eliminating the mortgage interest deduction for homes that are not your principal residence. This would definitely be a good idea to reduce the deficit without raising taxes.
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I was just wondering how it would affect homes here in the villages. Many people here have bought second homes for rental and to use on a vacation . Would this put a damper on the sale of homes here,if one could not deduct the mortgage interest on those homes? I think it would.