Can I deduct mortgage interest payments in 2007 off on my taxes? I know that PMI is now deductible and that a committee recommended eliminating the interest deduction, but have been unable to find an answer on the web, particularly the IRS website (which can be confusing).
My accountant sister says the government did away with all mortgage interest deductions, but I can't find evidence to support this on the web. Please link to appropriate documentation in your answer if possible.
Thanks for your help. I recently sold my home and am in a rental. I am thinking that I might need to buy soon since I would come out ahead by owning, particularly if the interest is deductible. If it is not, I probably will rent longer, pay off what few bills I have and save up for a better down payment.
2006-12-31
14:33:14
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4 answers
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asked by
cottey girl
4
in
United States