Friday, August 31, 2007

Bush Home Mortgage Bailout Rewards Delinquents with Write-Offs and Tax Deductions

Bush will announce his bailout plan today:

Get a tax deduction for NOT paying your mortgage.

"A suspension of the debt-forgiveness tax could help people who are hoping to work out a reduction in their loan balance -- and payments -- as a way of avoiding foreclosure" (Los Angeles Times, via Bush aims to ease US mortgage woes - report (Forbes)).
Have you been doing things the hard way by paying your mortgage to get a tax deduction?

Update 3/29/08: "Bush Readies Mortgage Aid Plan: At-Risk Owners Could Get Cheaper Loans"

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