I have 4 homes that are all interest-only loans. They are hefty mortgage payments and I highly depend on my tax advantages of having almost $100K in mortgage interest each year. I am having a hard time decifering the new tax code proposal submitted today to the Bush administration. I have read all of the articles that I could get my hands on, but I cannot quite determine how bad this will hurt my situation or if there will be any advantages. Not that I can do much about their final decision, but I am in the process of purchasing 4 more homes in the next 2 months and I just need to know what is happening expecially with mortgages and taxes! Does anyone here know what this new tax code may have in store for someone like me? Any information will be helpful! I guess I am looking for a “New tax code for dummies” approach!
Thank you in advance!