Posted by: RAPV | December 2, 2010

Mortgage Interest Deduction: What You Should Know

You may have heard the buzz about a threat to the Mortgage Interest Deduction that Realtors® know is so vital to home ownership and the economy as a whole. Here are the facts:

  • The suggestion to “modify” the MID comes from a report by the bipartisan National Commission on Fiscal Responsibility & Reform
  • The report contained countless other proposed solutions to lower the national debt.
  • There is no formal legislation on the table to eliminate or alter the MID.   The Commission has no teeth.  Whatever they may recommend is just that – a recommendation. 
  • While the idea of eliminating MID is yet to have any “legs”, NAR is getting ahead of the issue and remaining “vigilant in opposing any plan that modifies or excludes the deductibility of mortgage interest.” 
  • 2011 NAR President spoke strongly about NAR’s commitment to MID when at the MAR Officer/Director Installation on November 30.  Click here to view his statement. 

In short, you should know that there is no immediate threat to the deductibility of mortgage interest and that NAR is avidly fighting against any and all proposals to modify or exclude MID.

Click here to view the full report.

Advertisements

Responses

  1. I received the Call for Action on this issue, that asked that we call & speak with our Member of Congress (for me it is Richie Neal) regarding the importance of the Mortgage Interest Deduction. I clicked the link, put in my cell number, and within seconds my phone rang. After a 30 second tutorial, I was connected to Cong. Neal’s office.

    It was so simple, that I encourage everyone to make the call & keep the pressure on our Members of Congress. If you take a couple minutes of your time to act, we can save this important deduction that is vital to Home Ownership and truly make a difference for the 70 Million Home Owners accross the country!!!

  2. In case you don’t have the email handy, here is the link to click – http://www.realtoractioncenter.com/realtor-party/click-to-call-mid.html?utm_source=facebook&utm_medium=post&utm_content=rep&utm_campaign=2010mid

    • Thanks, Kevin! This is an important issue and we will all be staying on top of it at local, state and national level.


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Categories

%d bloggers like this: