Mortgage Tax Deduction

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Mortgage Tax Deduction


The Obama administration's deficit commitee is currently reviewing the home mortgage interest deduction (MID). With the federal deficit of $13 trillion officials are trying to find ways to curb this growing debt.

This deduction has been a strong incentive for home ownership since 1913. Americans have been able to deduct the interest paid on mortgages for there primary residences, second homes and home equity lines of credit for over 100 years. Any changes to the MID could be devastating to home prices and the value of homes. This could seriously harm the current economic recovery.

There has not been a decision made on this topic yet. I will keep you informed on this issue.

Lisa Scanlon, CSA

Comments (1)

Tanya Van Blake-Coleman
Van Blake-Coleman Realty, St. Thomas/ - St Thomas, VI
Improving the Quality of Your Life

I don't want to think about the impact this would have on the current market should they succeed in eliminating this deduction.

Dec 06, 2010 10:07 AM