Mortgage Interest Deduction Limitation Included in President’s Budget Proposal

Real Estate Agent with Just Jersey Real

As part of President Obama's Fiscal Year (FY) 2012 budget proposal submitted to Congress on February 14, 2011, the ability for individuals making over $200,000 per year and couples making more than $250,000 per year to deduct their mortgage interest has been limited. The proposal calls for taxpayers in the 33 percent and 35 percent tax brackets to be limited in deducting their mortgage interest payments down to those at the 28 percent rate or below. The President's budget proposal is now before Congress. The National Association of REALTORS® (NAR) will be analyzing this proposal and working with the Congress to fight for the continued ability for mortgage interest to be fully deducted by all homeowners who currently have the ability to do so.

 Copied from the NJAR website at

Posted by



Comments (4)

Janice Roosevelt
Keller Williams Brandywine Valley - West Chester, PA
OICP ABR, ePRO,Ecobroker

Camille, great point to point out. I think this escaped most of us.

Feb 24, 2011 01:47 AM
Jill Riley
Crye Leike, Chattanooga TN - Hixson, TN

So thankful that NAR is fighting this.  Thanks for the reminder.

Feb 24, 2011 01:50 AM
Bryan Robertson
Los Altos, CA

I know it's not the party line but I have a hard time not supporting the flat tax model.  We may lose the MID but for me, in Silicon Valley, it's a bit of a mute point.  I make over $250K year and the homes are priced so high in my town (median $1.6M) that the MID is less valuable than the flat tax.

Feb 24, 2011 01:54 AM
Jim Brown

Excellent point Camille....

May 19, 2011 07:35 AM