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October 4, 2017

Choose: Deduct property tax or mortgage?

By MARCY GORDON
AP Business Writer

WASHINGTON — Homeowners would be forced to choose between two popular tax deductions — one for local property taxes, the other for mortgage interest — under a potential compromise that House Republicans are considering as they craft the evolving tax revamp.

The nearly $6 trillion tax overhaul plan being pushed by President Donald Trump and Republican leaders in Congress promises to retain the deduction of mortgage interest from federal income taxes — a cherished tax break used by about 30 million Americans that supporters say is a catalyst to home ownership.


 
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