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[8 Dec 2010 | One Comment | 1,749 views]
Mortgage interest deduction, Round 2

Thought the fight over the mortgage interest deduction was finished for awhile?
Well, apparently not. On Wednesday, the National Association of Realtors (NAR) said it was asking members to again let their congressmen know that getting rid of the mortgage interest deduction (or MID because some people believe everything should be turned into an acronym) is a terrible idea.
What prompted the NAR to issue another “call to action” to its members?
“Commission co-chairs Alan Simpson and Erskine Bowles hailed the result, and predicted that parts of the plan would be adopted in …

Business, News, Real Estate »

[21 Nov 2010 | 4 Comments | 2,127 views]
Mortgage interest deduction under fire?

Earlier this month, an article in the New York Times got a lot of attention.
Specifically, the publication pointed out that the National Commission on Fiscal Responsibility and Reform – a group appointed by President Barrack Obama to balance the budget by 2015 – was considering scaling back the mortgage interest deduction. That deduction, of course, allows taxpayers to reduce their taxable income in accordance to the interest paid on mortgages.
The National Association of Realtors’ reaction to the news was a bit odd as the group tends to hyperventilate whenever any …