free mortgage amortization

federals free mortgage amortization reducing

credit. Taxpayers who currently own homes would have five years before they had to use the new credit. During that free mortgage amortization 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 Mack (search), a former Florida senator and chairman of the tax free mortgage amortization said less than 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. Taxpayers who bought $1 million homes expecting a generous tax break could be in for free mortgage amortization shock, said Michael Fratanponi, senior director of single family research