Today we interview Brian Bernardoni – Sr. Director of Government Affairs with the Chicago Association of Realtors about the MID, or Mortgage Interest Deduction for homeowners. Not surprisingly NAR holds firm, and we think it’s the right move. What are your thoughts?
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additional comments on "NAR Holds FIRM on Mortgage Interest Deduction"
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I have never heard of any underwriter factoring in the tax deduction for mortgage interest. I would support retaining it for primary residences with a reasonable cap so that it benefits the working class, and not the upper middle or upper class
Two things: first, I need help understanding the early comment about tax deductions and qualifying. As a lender for 21 years, I don’t know what he was referring to. A standard deduction versus Schedule A Itemized Deductions don’t impact your buying power. Second, seems this issue impacts the big blue states more than the rest. Come to Florida. No state or local taxes, so this is a non-issue here. Kind of ironic, when you aren’t taxed to death, a deduction or write off isn’t needed.
Good Morning, this is one persons point of view. I want to read the bill first before I submit to any call to action. I am not a politician but not many of our congressional reps read Obamacare and there 3 versions of it. Per Pelosi we have to pass the bill to see whats in it. This is very important and I want to educate myself before making a decision. I want to read the facts not a opinion or the mass media. This way I know the decision I make is an educated decision and not emotional or mislead by someone who has not read an actual bill.
Just go to the Fair Tax and forget all the deductions and get the government out of our lives.
Touche, Will!
It looks like the reform would give grandfather rights to keep the mortgage interest write off of up to $1M and for those new home buyers would be limited to $500,000 in mortgage interest write off….there is only 21% of people that even qualify/use the mortgage write off and when the standard deduction increases (which saves us all money) the mortgage interest will be used by 4%.
For those that think this would effect first time home buyers I only see the savings from this tax bill to the middle class making it more affordable for them to buy.
Not sure if a majority of the agents are aware of the general message to fight to save a tax break for 4% of the population on mortgage balances over $500K- which means values more like $600K.
https://www.cnbc.com/…/tax-reform-plan-cuts-mortgage…
I enjoyed doing the show and have enjoyed reviewing the comments. I am surprised how people are willing to go along with the reduction of the MID and the SALT and not be upset with being double taxed – that is paying taxes on money you are using to pay taxes. Since the inception of the code – double taxation was preempted.