[DKL51450]

Is this true or false? Is the government doing away with mortgage interest as a deduction for homeowners fiing their taxes? Someone at an accounting firm told me this but she's not an accountant. She said it may be put into law. I sure hope this is simply not true.

[rena47]

Yes, there is talk about doing away with mortgage interest. But this has not yet happened. The Obama administration's proposed 2012 budget would leave the deduction in place, but it would put limits on the deductions claimed by families making more than $250,000 a year. If you have a house and you are paying mortgage interest make sure to include it in your taxes this year.

[joypulv]

I don't hold my breath over stuff like this.
It may be a ploy to get rid of the deduction on all but the primary residence, a move long overdue. The reason it never changes is because the powers that be all have second (and third) homes. The rich get richer by buying more and more homes, condos, vacation spots, and deducting them. Ugh. The notion of a much needed tax break for young homeowners just starting with a huge burden has been lost.

[ScottGem]

This has been talked about for years. But, with the present housing crisis I can't see any action taken for the foreseeable future.