Friday, November 18, 2022

Latino homeowners shorn of mortgage interest tax deductions

Posted by Elena del Valle on September 30, 2009

By Bilal Hussain
Journalist and writer

Bilal Hussain, journalist

Bilal Hussain, journalist

Photo: Bilal Hussain

Of the many benefits of homeownership tax reimbursement is the most significant one. Unlike other ethnic groups, Latinos are being deprived of this advantage. Among many other disparities that group bears many Latino homeowners don’t receive the full benefit of mortgage interest tax deductions. To add to the disadvantage, in some cases they aren’t even eligible for tax credits.

The interest tax deduction was introduced along with the income tax in 1913, and the mortgage interest tax deduction has since become the favorite tax deduction for millions of U.S. homeowners.

According to the Internal Revenue Service United States Department of Treasury publication 936 (2008) Home Mortgage Interest Deduction, an individual has to fulfill certain conditions to  qualify for home mortgage interest deductions.

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