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Mortgage Interest Deduction. Will it stay or go?

Posted on December 8, 2010 by tim in Market Update

In order to help cut over $4 trillion in debt over the next decade, the deficit commission has proposed a scaled-back mortgage interest deduction (MID) for home owners. Real estate agents around the country have immediately challenged the recommendation to reduce the deduction and firmly believe that the MID is vital to the stability of the American housing market and economy.

Today, there are approximately 75 million home owners in the United States.  The deductibility of mortgage interest is a powerful incentive for home ownership and has been one of the simplest provisions in the federal tax code for more than 80 years. The effort to increase home ownership in America will only be hindered by eliminating the deduction of mortgage interest on taxes. In a new survey conducted online in October 2010 by Harris Interactive of nearly 3,000 homeowners and renters, nearly three-fourths of homeowners and two-thirds of renters said the mortgage interest deduction was extremely or very important to them.

Please make a quick call to your representative’s office today to ask him or her to defend the MID from any cuts or reduction as outlined in the Deficit Commission Report released this week!

If you do not have a phone number for your representative, click here.