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Reply to "Are there any Tax Deductions for Private school?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]OP, stop whining. The mortgage interest deduction is a HUGE benefit for people in the middle and upper classes. In fact, your more expensive home in a good school district gets more tax breaks.[/quote] It's actually not because of the limit and then itemized deductions get phased out above a certain income. You needn't worry your envious little head, the "rich" are getting screwed really well. [/quote] The AMT doesn't limit the mortgage interest deduction, friend. Well, it places limits on interest from second mortgages used for things other than a home purchase or improvement. But, people who pay AMT still get to deduct their full mortgage interest on any first trust. Does limit the deduction for local property and income taxes paid, however. And treats children like an abusive tax shelter.[/quote]
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