I am currently attending the Realtors Triple Play Conference in Atlantic City, the annual, combined convention for the Pennsylvania, New Jersey, and New York Associations of REALTORS, and it is a full schedule for the thousands of real estate professionals in attendance. No topic, however, is receiving more attention, than MID. No, not mid-life crisis, Mortgage Interest Deduction. The President’s Deficit Commission has announced its conclusions that include limiting or even eliminating the ability to deduct mortgage interest on your federal income tax return.
Mortgage interest has been deductible for nearly 100 years, and the proposed changes will affect all 75 million homeowners in the United States. At a time when the American homeowner is strapped with rising real estate taxes and insurance premiums in an economy with fewer opportunities, do we really believe this is the time to abolish one of the primary benefits home ownership provides?
The last thing the struggling housing market needs right now (and in the foreseeable future) is another wet blanket tossed upon it in the midst of an overall weak economy. Just hearing news reports about the possibility of changing the mortgage interest deduction has the effect of making already nervous buyers even more unsure about moving forward with a real estate transaction. If you are concerned about losing a deduction we all actually understand and rely on, there is something you can do. CALL your representative in Congress and speak in strong opposition to any changes to MID. A stable real estate economy is vital to a strong national economy. And as a current or future homeowner, the preservation of mortgage interest deduction is one more key to protect the value of your real estate investment. Join the more than 1,000,000 members of the National Association of REALTORS in this call to action to support a key benefit part and parcel to the American Dream of home ownership.
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