Mortgage Deduction

I wanted to share some important information regarding the mortgage interest deduction that so many of us enjoy. If you don't know about it, briefly speaking, homeowners can deduct all the interest portion of our monthly house payments.  Well, the government is considering taking that away.  Read on...

The "Blank Slate" and the Mortgage Interest Deduction:  On Thursday, June 27, leaders of the Senate Finance Committee unveiled a tax reform plan that would start with a "blank slate."  All deductions, exemptions and tax credits would be removed from the federal tax code and only reinstated if requested by the Senate. This would include removing the Mortgage Interest Deduction.  According to the National Assoc of Realtors, the House Ways and Means Committee is considering a similar approach to tax reform.

NAR reports that each senator has until the end of July to request any tax expenditures they want preserved in the tax code. The committee will issue a draft of the revised tax code as early as September.

The NAR team in Washington, D.C. will be working with the Senate to make sure the Mortgage Interest Deduction and other tax laws related to home ownership remain in the tax code.

  • July 01 2013 - Fremont
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Answers (1)

Profile picture for SteadyState
Thank God that there is the possibility of eliminating this free tax payer subsidy that benefits only a few (banks, Real estate brokerages,  mortgage bankers, and investors). What's worse the tax payer is forced to pay for the clean up after subsidizing the housing market (remember 2007/2008)?
  • July 01 2013
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