NAR has issued a Call-for-Action asking Congress to preserve the mortgage interest deduction as is. Congress, as part of negotiations on avoiding the “Fiscal Cliff,” has made direct references to “closing loopholes” and “limiting deductions” as a way to raise revenues. Clearly, the mortgage interest deduction is high on this list of revenue raisers.
Congress may decide to reduce or limit the MID at any time.
Limiting the MID impacts ALL homeowners, not just those who take the deduction, by decreasing the value of all housing. Every REALTOR® needs to respond today.
Please click here to urge your Member of Congress to preserve the mortgage interest deduction: