american connecticut home mortgage

american connecticut home mortgage loans

see their benefits shrink. Almost 36 million taxpayers claimed the deduction in 2003, according to the most recent statistics compiled by the Internal Revenue Service. The President's Advisory Panel on Federal Tax Reform urged the administration to do away with the american connecticut home mortgage and replace it with a credit worth 15 percent of interest paid during the year. They would scrap the deduction for property taxes, too. If enacted, mortgages eligible for the tax break would be limited by a american connecticut home mortgage reflecting the average regional price of housing. If in place today, that range would spread from $227,000 to $412,000. Mortgages for second homes and interest paid on home equity loans would not be eligible for the credit. Taxpayers who currently own homes would have american connecticut home mortgage years before they had to use the new credit. During that period of transition, a taxpayer could still take a deduction but the size of the mortgage eligible for a tax break would gradually fall. At the end of five years, everyone would be using the proposed credit. Connie american connecticut home mortgage a former Florida senator and chairman of the tax panel, said less american connecticut home mortgage 5 percent of mortgages in the nation exceed the proposed cap. ``It is a fair plan. It shares the benefits,'' he said. For homeowners with a small mortgage who don't itemize their deductions, the credit means a new tax benefit defraying the cost of housing. Still, at more than american connecticut home mortgage per year, those prices have escalated more than double the rate of inflation over that period. There is no question that the lack of new-home building in many parts of the country has contributed to rapid run-ups in