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No more mortgage interest credit in 2007 AMT?

Discussion in 'General Chat Forum' started by Alex, Sep 9, 2007.

  1. Alex

    Alex New Member

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    I just got a pamphlet of the 2007 tax law changes and I suddenly see that mortgage interest credit is no longer allowed for the calculation of 2007 alternative minimum tax (AMT). Plus, the AMT exemption went down by almost 20,000 for married filing jointly. Am I missing something, or did they just ensure that pretty much every family with a mortgage will face the AMT in 2007? This would also effectively eliminate the mortgage interest deduction, at least for much of the metro DC area. Can anyone guess what the repercussions of that would be for the housing market and economy in general? Unless the Congress gets its act together, there is going to be hell to pay come election time. I do not see much reaction to this on the Net, I am somehow misunderstanding these changes?
     
  2. gunzour

    gunzour "Living on the Edge"

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    Deductions and credits are not the same thing. I think the mortgage interest credit is a specific tax credit granted to lower income households, and is not the same as the mortgage interest deduction that most homeowners take. However, I am not a CPA, and probably have no clue what I am talking about.
     
  3. Alex

    Alex New Member

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    Thanks, gunzour. I very much hope you are right and I'll definitely talk to a CPA about this.
     
  4. kris

    kris New Member

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    could you please post whatever you find out - for the benefit of the rest of us in the community.

    Thanks in advance.
     

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