Home Mortgage Interest Deduction Could be Reduced

Many Americans just finished filing their taxes for 2010, and roughly a third of taxpayers itemized deductions on their tax returns. For many taxpayers, the decision to itemize or not is driven primarily by the amount of their home mortgage interest deduction. The average homeowner deducts over $10,000 in home mortgage interest, which for a taxpayer in the 25 percent tax bracket, results in a tax savings of approximately $2,500. Read More >>

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