The Mortgage Interest Deduction
One of the critical pieces of any real estate investment, the mortgage interest deduction (MID), has always served as something of a bi-partisan political football!
For those who may be unfamiliar the MID allows homeowners to deduct the interest paid on their mortgage from taxable income (subject of course to certain IRS rules) making it one of the only tax breaks for a large number of Americans.
With the GOP preparing to meet at its Convention August 27th in Tampa, compromise language in its platform was agreed to yesterday concerning the mortgage interest deduction in the overall context of rewriting the tax-code of the United States.
The language states that short of any complete simplification of the tax-code by Congress that the MID would be preserved at all costs.
This deduction is critically important to all homeowners but particularly to those in the all-important middle class that both political parties are fighting for in the presidential election coming in November.
From The Wall Street Journal, “Allies of the real-estate industry on Tuesday succeeded in adding compromise language to the GOP platform supporting the mortgage-interest tax deduction, a day after they lost a fight on the issue.
The overnight turnaround on the issue reflects the real-estate industry’s continued lobbying clout – and the mortgage deduction’s ongoing curb appeal for voters – as Congress begins the process of streamlining the U.S. tax code…” (Source)
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