What would happen to the prices of homes if the property taxes and mortgage intrest payments were no longer de?
May 17th, 2010 | by admin |What would happen to the prices of homes if the property taxes and mortgage intrest payments were no longer deductible on the federal income tax?
They are considering passing laws on this.
You must have been doing some reading.
I’ve always considered the tax deduction to be of no benefit. Yet some people love it.
Why give away $10,000 a year only to get 20% or $2,000 back – seems silly in a way.
Some people don’t see it this way.
They think "ooo tax deduction" and they buy the biggest house they can afford.
Maybe taking the tax deduction away would be a good idea.
I don’t think it will make any difference in the current buying market.
//
4 Responses to “What would happen to the prices of homes if the property taxes and mortgage intrest payments were no longer de?”
By Steve D on May 17, 2010 | Reply
They would drop … figure a minimum of 20%.
References :
By Judy on May 18, 2010 | Reply
They are considering passing laws on this.
You must have been doing some reading.
I’ve always considered the tax deduction to be of no benefit. Yet some people love it.
Why give away $10,000 a year only to get 20% or $2,000 back – seems silly in a way.
Some people don’t see it this way.
They think "ooo tax deduction" and they buy the biggest house they can afford.
Maybe taking the tax deduction away would be a good idea.
I don’t think it will make any difference in the current buying market.
//
References :
By KL on May 18, 2010 | Reply
Nothing. Interest on mortgages isn’t that much of a write-off and taxes vary. PMI is now tax-deductible when it didn’t use to be and it’s had no affect on prices. The only thing that it did was make LPMI loans obsolete.
A better question would be what would happen if you couldn’t use children as a tax deduction…
References :
By Mike on May 18, 2010 | Reply
On it sites are good top links for decisions of your problem http://webfin2.notlong.com/7AAgz5W
References :