Hello to the Active Rain community!! I have been away for a while, on vacation in the beautiful Sierra National Forest camping(I'll post pics later) and then been so busy trying to catch up on my work that I haven't had time to post!  I miss posting!  I miss disseminating my information and thoughts...I have a lot of catch up on posting to do today. 

The first one is this article I just saw on Realtor.com daily news.  I have posted regarding McMansions before, and it seems that the country is moving against McMansions expansion(that rhymes, I did it on purpose, and yes, I am being silly today :)

Here is the short article. 

Daily Real Estate News  |  August 14, 2007Rep. Dingell: Limit Mortgage Interest Deduction
Houses larger than 3,000 square feet would no longer be eligible for the mortgage interest tax deduction under a proposal from House Energy and Commerce Committee Chairman John Dingell (D-Mich.).

Observers say the move would hit the jumbo mortgage market hard, as borrowers are already contending with rising rates in response to problems in the secondary mortgage market.

Dingell's efforts to eliminate the deduction for large homes is part of his broader campaign to slash global warming.

Source: National Mortgage News (08/13/07)

More coverage of Rep. Dingell's proposal: CNS Report

So, still curious to know your thoughts on this.  Are you against having this deduction go away, and are you an owner of such a home?  Do you feel that you aren't being treated fairly, or should you be paying for your fair share of of our energy crises? 

BTW, my husband and I bought a home.  Previously in a McMansion article, I released the info that we live in a 360 sq ft home.  The new home is 918sq ft, with a 7401 sq ft lot.  Built in 1925, it needs updating, but we will be trying to go green as much as we can.  Any tips from you greenies out there? 

Take care and God bless on this gorgeous mountain day!

Amy Steele

 

3 Comments on McMansions Update...Possibly Losing a Tax Deduction?!

What a joke.  As if the government didn't have enough hands in my pocket, they want my house deduction too?   My house is 3500 sqft, it's a little too big for us but I would never call it a McMansion.  That illustrious left-wing Representative needs to do a little research and realize that 98% of all taxes are already paid by the top 50% of wage-earners.  Damn Robin Hood.

08/14/2007 12:40 PM by Leigh Brown Charlotte NC Broker/Owner (RE/MAX Signature Properties)


I don't really see that as being fair to the people that want a bigger home. That is their choice but why should they be penalized and not be allowed to deduct the interest from their taxes? I don't live in a home like that, mine is a little under 1400 sq feet but I'd still be against it. That would be like saying "Well since you make over 200k a year we're not going to let you deduct expenses from your income, only people making under 200k get that benefit" That wouldn't be fair to the people making over 200k a year just like saying "Your home is too big so you're not allowed to write off the interest." I understand that they are trying to get people to live/build smaller homes but I don't think this would be the way to go. Although it would be very effective.

08/14/2007 12:48 PM by Rick Grand (Oregon Real Estate Properties)


Hi Amy,

This is news to me. I knew the one-million dollar interest limit, but this is a a new one. The is proposed at this point, correct? I'll google for this topic for  more.

Thanks for sharing.

08/14/2007 12:53 PM by Orange Co. Real Estate~Lynda Eisenmann, Broker-Owner, CRS,CRB,GRI,SRES, Brea, CA (Preferred Home Brokers)


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Real Estate Agent: Amy Steele (Bibby Realty)
Amy Steele
Crestline, CA
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