Individuals who own homes may take a tax deduction for interest paid. Many individuals believe that this tax law discriminates against individuals who rent. Do you think this deduction is discriminatory? Explain and share your thoughts.

Additionally, gifts and inheritances have been excluded from gross income since 1913. Discuss the tax consequences of gifts made of property and any income produced by the property. What, if any, are the exclusions and taxable income according to Section 102?

Answer rating: 100% (QA)

1 Deduction for Home Mortgage Interest The deduction for home mortgage interest is a tax benefit provided to individuals who own homes and pay mortgag... View the full answer