Homeowners be aware! The Mortgage Interest Deduction (MID) is at risk of being reduced, or cut entirely. However, the MID is vital to both home ownership and to our economy. Mortgage interest has been deductible for nearly 100 years, and the proposed changes will affect all 75 million home owners in the United States.
What is the Mortgage Interest Deduction? A home mortgage interest deduction allows taxpayers who own their homes to reduce their taxable income by the interest paid on the loan, which is secured by their principal residence (or even by a second home).
Since the Deficit Commission announced its conclusions, the news media have been buzzing about the report, by emphasizing the proposals to limit – or even eliminate – the Mortgage Interest Deduction. By doing this, it will put the general public, and, more importantly, potential buyers into a panic, and perhaps even cause buyers to shy away from the housing market. This will hurt homeowners twofold: lost interest deductions, and, when it’s time to sell, a small buyer pool.
The public needs to understand that this is a proposal, and not a “done deal.” While efforts to reduce the deficit are understandable, cuts like this should not be made in an already-fragile housing market.
It is not too late for you, as a homeowner, to stand up and call your Representative to voice your concern – and express to them how much home ownership matters. Ask them to defend the Mortgage Interest Deduction from any cuts or reduction as outlined in the Deficit Commission Report.
Click on the graphic or on this link to place your call NOW! You will enter your cell phone number, and receive a call back. Make sure to tell your representative how important it is to you, as homeowner, to keep this deduction intact.
Contact me today for expert help in buying or selling a home in DC, VA, or MD.
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