In Defense of the Mortgage Interest Deduction

The chatter on the Interwebs lately is that a law that has been sacrosanct for generations, the right of a homeowner to deduct their mortgage interest on their income taxes, is now in jeopardy due to the fiscal cliff we collectively face in the wake of the Recession. 

What a shame.

It is a shame for many reasons, not the least of which is that politicians, in their passion to get reelected, will fix anything that isn't broken to say they did something. It is a shame because many of my own colleagues, a measure of whom are in low cost markets where they would personally be unaffected, are ambivalent about a change in the law.

Continued at the Westchester Real Estate Blog...