Mortgage Interest Deduction in Jeopardy

Deducting Your Mortgage Interest from Your Taxes…In Jeopardy?

Claire Properties Fights to Retain Pillar of Home Ownership

Purchasing your first home is not just a personal joy and accomplishment but an important investment in your future and your family’s future.  That isn’t a marketing slogan, it’s an economic fact.  Statistics show that the average net worth of a family in America who rents their primary residence is $4000, conversely the average net worth of an American family that owns their own home is $160,000.  That’s a huge difference that represents a tremendous divide in the likely success or failure of these two groups.   “Life, Liberty and the Pursuit of Happiness” is among the most famous quotes in the Declaration of Independence and home ownership is a vital ingredient to establishing roots that can blossom, not only within a community but also in your future, your children’s future and the generations that follow.  Owning a home is an economic advantage that translates into more opportunities, better education and a higher standard of living.  Over the long term owning a home is an investment that has always accrued value, this investment transforms lives, neighborhoods and by extension, counties and states – it makes our country and citizenry not only wealthier but, as individuals this personal investment increases their stake and interest in their communities.  Home ownership is a major part of peoples’ ability to gain a foothold and climb the economic ladder.   Homeowners have invested in not only a home but a neighborhood, a town, a county and even in a state. 

Congress is debating removing this vital tax benefit for homeowners.  As a Realtor® and homeowner I am incensed at that possibility.  Eliminating the Mortgage Interest Deduction from the Federal Tax Code would be a devastating blow to American’s ability to purchase a home and take advantage of all the tremendous benefits that come with home ownership.  This would mean the interest you pay on your mortgage would no longer be a tax deductible expense, which is probably the largest incentive available to convert people from renters to owners.  The mortgage tax deduction is a major reason many individuals and families are able to make that initial step into home ownership.  The deduction is taken by a broad range of the public.  65% of those who take the deduction earn less than $100,000 per year, 91% who take the deduction earn less than $200,000. 

I believe this would be a tragic mistake and am doing everything in my power to prevent this vital tax benefit from being eliminated.  We are disseminating all the facts.  This isn’t a partisan issue, it’s an American issue, home ownership is such an integral part of every community’s fabric.  People need to contact their representatives, Congressmen and Senators to let them know how important this issue is.

This N.Y.S. Licensed Real Estate Broker is not only the Owner and Broker of Claire Properties; I have an active record of community involvement and service.  I have previously held the positions of President and Vice President of the Staten Island Chamber of Commerce, Business Guild 1, and was also a Member of the Advisory Board of the American Red Cross of Greater New York on Staten Island.

Any questions, please contact me, Claire Bisignano Chesnoff, ABR, AHWD, ASP, BCREP, CLHMS, CRS, GREEN, GRI, SRES, N.Y.S. Licensed Real Estate Broker, at Claire Properties. My direct line is 917-974-2238 or reach me via email at claire@claireproperties.com. You can see featured properties at my website, www.claireproperties.com.