How would you feel if you owned a home and Congress decided to take away the mortgage interest deduction on your federal taxes. Honey Dunlap would be MAD!
There’s been lots of talk of mortgage rates and tax credits and cuts in the news lately and it can be hard to understand how it all applies to you and your home. But I know one thing for sure: If Congress wants to take away my mortgage interest deduction (MID) from my income tax, I am going to be burning up the phone calls and emails to my representatives . . . and probably all the rest of them, too!
A recent analysis scrutinizing data collected by the IRS and the Census Bureau, showed that the majority (86%) of homeownership MID tax benefits are received by middle-class households, and that nearly 70% of those homeowners currently use the deduction. In fact, they state that at some point every home buyer benefited from it. Their findings also argued that declines in home sale prices would likely occur if MID was repealed, since it would reduce buying power for many homeowners.
To learn more or view the release from the National Homebuilders Association, click here. And tell Congress to leave our MID alone!
