11-03-2005, 09:22 AM
| | No more tax deductions for homeowners?
DES MOINES, Iowa -- Homeowners who have a mortgage are likely taking advantage of one of the most popular and widely used tax deductions.
Now, there's serious talk in Washington, D.C. of taking much those breaks away.
A presidential panel recommended to dramatically reduce the tax deduction homeowners get for their mortgage.
One of the President George W. Bush's main goals with the measure is to simplify the tax code.
A major incentive to buy a home is the tax break people get for holding a mortgage. Jan Page, a Realtor with 1st Realty, said that tax break is a huge incentive.
"People are very money conscious, and that's an important part of an advantage for buying," Page said.
Read more: http://www.kcci.com/houseandhome/5236394/detail.html