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Fix The Tax Code Friday: Mortgage Deduction

ByKelly Phillips Erb

Bush’s tax plan has suggested severely limiting the mortgage deduction and eliminating deductions for interest on home-equity loans or mortgages for vacation homes.
So today’s Fix the Tax Code Friday question is:

Should we eliminate the deduction for home mortgages?  Or should we limit the deduction to first time home buyers?

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Kelly Phillips Erb, known as Taxgirl, is a tax attorney, writer, and speaker who explains taxes, IRS news, financial crime, scams, and the law in plain English.