Mortgage News Will Mortgage Interest Stay Deductible? When the federal tax code was established in 1913, all interest was deductible on personal tax returns. But other than farmers, very few people even had a mortgage. In 1986, Congress overhauled the tax code, eliminating the interest deduction for nearly all consumer debt (auto, credit card, and personal loans) while lobbying from the real estate and mortgage industries kept the mortgage interest deduction intact

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