By SILVAR Government Affairs

The Mortgage Interest Deduction (MID) may be under attack again. As the 112th Congress struggles to finalize a budget plan for this year, everything is back on the table. House Speaker John Boehner (R-OH) recently stated that MID for second homes is becoming harder and harder to justify in these difficult times. So might be the MID for homes greater than $500,000.

If these rollbacks to the deduction are put into law, it will be devastating for Silicon Valley homeowners and the overall housing market. But how will it impact you? As part of the National Association of REALTORS® (NAR) Home Ownership Matters campaign, NAR has released an APP that calculates how homeowners do and will benefit for the preservation of the mortgage interest deduction.

The MID Calculator allows homeowners to estimate the tax savings value of the mortgage interest rate deduction. Use the buying power calculator to see how your housing dollars are optimized by the tax savings. This APP is compatible with iPhone, iPod touch, and iPad.

As budget talks heat up, homeowners and REALTORS® should be prepared in the coming weeks to contact their member of Congress to voice their support for preserving the mortgage interest deduction. More information regarding legislative proposals and the deduction can be found at NAR’s MID site.

Advertisements