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Subject:  Mortgage Interest Deduction going away? Date:  7/22/2010  12:25 AM
Author:  JEDIKNIGHT Number:  118017 of 128866

Not trying to argue for or against ending the mortgage interest deduction.

I'm working with someone on budgetary and housing issues hence my question here.

I realize nobody has a crystal ball so I'm just asking for opinions.

Bottom line: Some tax goodies are going away, or are going to be curtailed and there is renewed talk about the popular mortgage deduction.

Let's say they curtailed, or even ended the deduction altogether.

Do you think that would apply to FUTURE home purchases only, OR current home owners also.

I ask because the people i'm working with might be figuring the deduction into their budget and savings forecast.

Anyway, I can't see the gov't applying this to existing mortgages because wouldn't they be really throwing alot of people's household budgets out of whack, where in some cases people have to leave the house?

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