In case you haven't heard...
The Mortgage Interest Deduction (MID) may be modified.
The federal deficit commision endorsed a plan, just days ago, that call for tax changes.
The MID is among them. There is a number of ideas out there of what they may do.
The talk includes:
-converting the MID to a non-refundable tax credit of 12 percent
-reducing the eligible mortgage amoint to a lesser amount
-restricting the tax credit to principal residences only.
This would eliminate second homes and home equity loans.
Certainly, this will not in any way help with a recovery of the housing market.
As a fellow homeowner,and a Realtor, I reach out to you.
We cannot allow Congress to make any changes to the MID.
Call today and let your representative know where you stand! Let them know you DO NOT want any changes to this very important tax deduction that would impact thousands and thousands of homeowners.
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