Do you own a home?
Do you appreciate the longstanding ability to deduct your mortgage interest on your annual income taxes?
Well, you may want to reach out to your elected officials and let them know!
A bipartisan deficit reduction committee report recommends changes to the mortgage interest deduction and the exclusion of capital gains on the sale of your principal residence. This news came across my virtual desk today both from Inman News (a leading national real estate news source I follow) and the National Association of Realtors.
From what I have read the proposed change would place a cap on the amount of interest that a taxpayer/homeowner could deduct in a year. The National Association of Realtors is fighting to protect homeownership benefits including the 80 year old mortgage deduction benefit.
