Home Mortgage Interest Deduction

Probably the most common deduction on U.S. tax returns are home mortgage interest deductions. Home loan interest, along with interest paid on loans used to invest, is deductible if you itemize. Friday the Government Accountability Office issued a report that said tax breaks such as deductions for home mortgage interest and state and local taxes cost the federal government $728 billion last year and need to be reexamined.
With our national budget in the red we need to look at ways to raise more money. This news certainly makes for scary headlines. Read in the articles "We're in the fact business, not the policy business" - Comptroller General David Walker of the Government Accountability Office, and "We do not intend to implement the report. The administration rejects any attempts to address the long term fiscal imbalances with tax increases," said OMB spokesman Alex Conant, spokesman for OMB.
Sounds like the home mortgage interest deduction is safe for now.


Some links of interest:

New links:

http://news.yahoo.com/s/nm/20050923/pl_nm/economy_taxes_dc

http://www.latimes.com/business/la-fi-taxbreak8oct08,0,1112971.story?coll=la-home-headlines

Information:

http://www.taxesindepth.com/mortgage-interest-tax-deduction.html

http://moneycentral.msn.com/content/Taxes/Cutyourtaxes/P33353.asp