WASHINGTON — Tax reform is revving up again on Capitol Hill, with the heads of key committees pledging to work toward a simpler and fairer tax code, possibly one with lower tax rates. Sounds intriguing.
But what might that mean for homeowners — many of whom benefit from tax breaks such as mortgage interest and property-tax deductions, plus tax-free write-offs of up to $250,000 or $500,000 of home-sale capital gains, depending on whether they file returns as singles or married couples? Renters get none of these.
Homeowner write-offs become targets for cutbacks or elimination whenever tax-code reforms get serious attention because of their costs in uncollected federal revenues.
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