And, nearly half of the 8 million middle-income taxpayers take state and local tax deductions or mortgage interest deductions
Other options the panel is mulling include significantly reducing the $1 million cap on mortgage interest deductions
and eliminating federal deductions for state and local taxes, Breaux said.
According to the FTB, audits of tax returns with large home mortgage interest deductions
indicate that many taxpayers and tax practitioners are not complying with the rules regarding debt limitations on the deductibility of home mortgage interest.
You might get an extra month's worth of mortgage interest deductions
for 2006 by making your January payment in December," says Sidney Kess, an attorney and CPA in New York.
Square D, claiming that the IRS's position was a flawed interpretation of the regulation, argued that the interest deductions
for the two years were legitimate.
Congress also asked us to provide descriptive information on taxpayers' mortgage interest deductions
and mortgage interest payments reported on Form 1098, Mortgage Interest Statement.
Among the options open to the super-committee: Lower the maximum mortgage amount eligible for interest deductions
to $500,000 from the current $1.
The resulting tax reform deal eliminated interest deductions
on credit card balances, car loans, and most other kinds of loans.
The IRS concluded in CCA 201151021 that increased interest deductions
(due to the IRS's determination that the Sec.
Net interest deductions
are estimated to be between $7 million and $8 million.
On the other hand, the transfer of a qualified residence and stock increased the transferee's mortgage interest and investment interest deductions
The increase in operating expenses and net interest deductions
was a result of the expansion of company facilities to accommodate continued growth throughout its service areas.