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Home » Blog » Homeowner tax breaks

Homeowner tax breaks

February 23, 2015 by RebeccaLook

WASHINGTON – Feb. 20, 2015 – Tax reform talk is once again heating up on Capitol Hill, with key lawmakers vowing to work together toward a simpler and fairer tax code.

The implications for homeowners – many of whom take advantage of incentives such as mortgage interest and property tax deductions – are uncertain.

From a lawmakers’ perspective, the homeowner write-offs cut a huge chunk of money from the federal budget. That makes them a frequent target for cutbacks or elimination whenever tax code reforms take center stage. The mortgage interest deduction alone cost the Treasury more than $113 billion in fiscal 2015, according to congressional Joint Committee on Taxation calculations.

For the second year in a row, the White House kicked off the tax legislative season with a budget proposal that would limit mortgage interest and other deductions for more affluent taxpayers – a proposal that is considered to have no chance of passage in a GOP-majority Congress.

However, the partisan divide in Washington might actually protect the mortgage interest deduction and other homeownership tax benefits since Democrats and Republicans are unlikely to reach a consensus on any major reform package.

Source: Miami Herald (02/11/15) Harney, Kenneth R.

© Copyright 2015 INFORMATION, INC. Bethesda, MD (301) 215-468

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=319686

Filed Under: General Information Tagged With: Captiva Island, homes, real estate, sanibel island, Sanibel Island Real Estate | Homes for Sale on Sanibel Island, sanibel property tax

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