Do you take the mortgage interest deduction on your federal or state income tax?

[trof]

It appears that this might be something that is 'on the table' for tax changes now.

I had, for as long as I've owned a home...well, me and the bank.
A few years ago I did my tax return online (TaxAct) and when I finished it told me that our standard deduction was larger than our itemized deductions.
Wow!

We're retired and have few deductions. Mortgage interest, real estate tax, that's about it.
In Alabama, it still pays us to itemize on state income tax.

What's your situation?

[Hassin Bin Sober]

1. I do.

Between property tax and the mortgage interest deduction it is a nice chunk.

The repigs will throw anyone over the side just to keep the top rates and cap gains rate low.

They will even fuck their upper income supporters over as long as it keeps the rate low for a handful of supporters who support Norquist et al.

Read: Spending Millions To Save Billions to see just how few people/families are pulling the strings.

Top rate, capital gains and inheritance tax. Everything else is gravy. The top .0001% don't need mortgages. They WANT close to zero taxes.

[HuckleB]

2. Yes, we do.

We would survive without it, but we would spend much less elsewhere. Others might struggle to keep their homes. This is not something that seems workable across the board, IMO.

[shanti]

3. i have a mortgage credit certificate

from when i was a first time homeowner. it is supposed to be for the life of my mortgage. i did refinance once, but cannot do it again and retain the MCC. i think it's pretty shitty for them to even think about ending the mortgage interest credit, and hope MCC's aren't on the table as well!

[mike_c]

4. life long renter and frankly, I've never understood the morgage interest deduction....

I could understand it if ALL interest on loans was tax deductible, but singling out the mortgage interest seems justifiable only as an inducement to debt, i.e. as an incentive to enrich the banks. I'd be happy to see it go. Or, as I said, to see it extended to all forms of interest on debt.

[Kelvin Mace]

7. Once upon a time

All loan interest was deductible, even credit cards. That came to an end under Reagan.

[mike_c]

8. that makes a whole lot more sense to me than the mortgage interest deduction....

eom

[Kelvin Mace]

13. Yeah, but it encourages debt

(not good), and really hurt tax revenues.

[trof]

9. Yep, and taxes on S/S income.

Thanks to Ronnie I pay income tax on my S/S benefit.

[Kelvin Mace]

11. Now THAT was stupid

SS should be exempt, PERIOD.

[trof]

10. The 'Realtor's' lobby is powerful.

Not every real estate sales person is a 'Realtor'.
That's a national organization.
With a powerful lobby.
Mortgage interest deduction encourages HOME PURCHASES.

[Kelvin Mace]

12. I agree with the deduction within reason

but the following limits should apply:

1) Deduction capped at median price of a house in your state.

2) One and only one house.

3) Businesses may qualify only if: a) CEO pay not greater than 100 times lowest paid employee. b) no income is sheltered from taxes on foreign soil. c) 90% of employees must be in the U.S., including contractors. d) wages must be 150% poverty line minimum.

[2Design]

5. mortgage interest deduction for multiple homes should be eliminated

[PATXgirl]

6. We do. The news report I just watched said it would cap the deduction on mortgages over 500K - 1Mill