The entire monthly mortgage insurance deduction was on the chopping block, but was restored for families making under $110,000. Remember the claim about no tax increases for families making under $250,000 and eventually $450,000. The bottom line, this is just another way of getting additional revenues as taxes increase from middle America.
This change does help out especially home buyers in the future that make $110,000 or less.
We are all scrambling to preserve as many tax deductions as we can. I can assure you, more deductions will be on the chopping block going forward. There are 3 more budget battles brewing in the coming months. Hopefully, smarter heads will prevail and our politicians focus on trimming the deficit, rather than a focus on more spending.
Buried within the fiscal cliff deal are 2 treasured homeowner tax perks restored by Congress.
By: Marilyn Lewis, MSN Money
"Homeowners received two little-noticed gifts from the fiscal cliff deal signed by President Obama on Jan. 1. That congressional agreement, called the American Taxpayer Relief Act of 2012, restores a couple treasured tax breaks previously lost to homeowners."