Relief for Homeowners with Jumbo Mortgages

Not quite the relief that I am looking for - but it's a start.

Even though the availability for jumbo loans isn't what it once was, the IRS has apparently decided to give a break to jumbo mortgage holders. More specifically, Forbes reports that the IRS has concluded that a taxpayer can deduct interest on the first $1.1 million of a home mortgage - which is $100k more than an earlier limit. Previously (or currently depending on when this goes into effect) interest on up to a 1m purchase, money borrowed, plus $100k equity borrowed, could be deducted. Either way you slice it, you can deduct interest on an extra $100k borrowed and that's not a bad thing - IF you qualify for the deduction.

On top of that, taxpayers can file amended returns for the past three years and claim thousands in refunds. Yippee! 

I think that's just mean... Oct 15th just passed (last date to file extended returns - I filed 10/13) and my tax preparer was just about to relax... Not so fast :-)