when they say: ‘The (current) maximum amount of eligible mortgage debt for the deduction is currently $1 million.’

The limitation is the amount of interest you pay on up to 1.1 million of loan amount.  So if your loan is 2.2 mill you can only deduct 50% .  the one million number is misleading. 

I don’t like to say never with congress because they do the stupidest things but the likelihood of reducing the deduction for mortgage interest  helping the economy in these times… well it can’t be good.  IMHO they would have to be very crazy to make that kind of change.  However many would argue that during the last few weeks they have sufficiently proved how crazy they are. 

Generally I try not to focus on these what if’s.  I don’t won’t to be as crazy as Congress.

 

This blog is a collection of questions from clients and the answers.  The goal of the blog is not to answer the questions you might have.  Most times the answers are based on each client’s personal situation.  Please do not rely on this information to make important financial and tax decisions.  The advice presented here is presented to give examples of the type of information you get as a client of a true tax professional, like Ray Simmons and the preparers he employs.  Advice regarding similar issues for you should be based on your personal situation. 

 

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About taxdude8422

Basically I am just a tax nerd, have been all my life. However I have found the more open you are to opportunities the better off you will be in this world. That makes my what is know as an open networker on Linkedin, I will connect with anyone. I am not an expert on Linkedin by any means but one day when I was asking someone to connect I mentioned that I had just been refilled on invites. My new connect asked how I did that. I used that same line for the next month and got asked the same question four times. I started thinking there was a lot of little things it took my sometime to learn. Through this blog I plan to share some of those "Linked Secrets"
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