Reply to Why Are Tax Brackets Adjusted for Inflation but Not Deductions Like Mortgage Interest? Seems Unfair

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]It does get adjusted

Before the TCJA, the mortgage interest deduction limit was on loans up to $1 million. 
Now, the loan limit is $750,000.

Deduction is based on principal, so it increases when rates go up too.

:lol:

This deduction limit is so high it's a total non-issue. [/quote]

The deduction is too low, many people in high cost areas have larger mortgages. But its inevitable that it should be adjusted for inflation as housing pricing goes up. It just doesn't make sense. Also all the child tax credits etc anything that is a deduction or credit is stale it must be adjusted for inflation [/quote]

Uh yes many wealthy people in high cost areas have mortgages of over 750k.

I live in a very high cost area and get the mortgage interest tax deduction because I'm a middle class person with a mortgage of 300k. I bought a much smaller home than you did because it's all I could afford.

You just want a tax break. You don't *need* one in order to afford a home. You just want one. Well I want a million dollars.[/quote]

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