No Income Tax on Short Sale or Foreclosure — For Now   Question: We bought our Mesa home ten years ago. The purchase price was $320,000. Our mortgage was $300,000, interest only, payments for ten years, and then amortized over the next fifteen years. Our home is only worth $240,000 today. Although we have been able…

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Question: In recent articles about the current annual $1 trillion deficit of the federal government, one of the ways discussed to reduce this annual deficit is to eliminate or limit the mortgage-interest deduction for homes. This deduction costs up to $100 billion per year. Why is there a mortgage-interest deduction for homes when there is…

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