{"id":4400,"date":"2012-04-24T09:44:25","date_gmt":"2012-04-24T16:44:25","guid":{"rendered":"https:\/\/www.movoto.com\/blog\/?p=4400"},"modified":"2022-04-19T22:22:45","modified_gmt":"2022-04-20T05:22:45","slug":"housing-tax-break-on-the-cutting-block","status":"publish","type":"post","link":"https:\/\/www.movoto.com\/blog\/housing-tax-break-on-the-cutting-block\/","title":{"rendered":"Housing Tax Break on the Cutting Block?"},"content":{"rendered":"

Most of us love tax breaks. But some tax breaks are more controversial than others. Here at Movoto, we\u2019re referring to the mortgage interest deduction (MID), which has seen its fair share of talk in the past several years, and is working its way back into political conversations.
\nThe tax deduction, which encourages homeownership, seems to be perpetually on the cutting block–and it doesn\u2019t matter if the person holding the ax is a republican<\/a> or democrat<\/a>. Homeowners, and future homeowners, should pay attention to the discussion. Elimination of the MID will take money from their pockets.
\nWhat exactly is the MID? The MID, introduced with income taxes in 1913, allows borrowers to reduce their taxable income by the amount of interest paid on a loan, up to $1.1 million. It doesn\u2019t matter if this is your first or second home.
\nAnd how popular is it? According to polling data released by the National Association of Home Builders\u00a0 (NAHB) earlier this year, three out of four voters believe it\u2019s reasonable for the federal government to provide tax incentives to encourage homeownership.
\n\u201cThis sentiment cuts across regional and party lines, with 84 percent of Democrats, 71 percent of Republicans and 71 percent of Independents agreeing with this statement,\u201d the NAHB wrote in a statement.
\nSo Popular the President Uses It<\/strong>
\nIn fact, it\u2019s so popular that President Barack Obama, whose administration recommended limiting the tax break, used it when filing his 2011 taxes. Earlier this month, Obama and the first lady re-released their tax information in what political commentators are calling an attack on Romney\u2019s image as a wealthy businessman who\u2019s out of touch with Main Street.
\n\"\"
\nAmong the details gleaned from the tax information is the Obamas claimed a $47,564 home mortgage interest deduction on their $1.65 million Chicago house. This equates to a $13,318 savings on their tax bill, according to an analysis by the Huffington Post<\/a>. For perspective, the Census Bureau reported in 2010 the median American household earned $49,445
\nSo, what\u2019s in the MID\u2019s future? The short answer is, no one is certain, but the National Association of Realtors plans to hold a rally next month that the advocacy group has dubbed the Rally to Protect the American Dream. It takes place May 17 in Washington, D.C.
\n\u201cNAR firmly believes that the mortgage interest deduction is vital to the stability of the American housing market and economy,\u201d Stephanie Singer, a spokeswoman for the association wrote in an email to Movoto. \u201cNAR is actively engaged to ensure that the nation\u2019s 75 million homeowners will continue to receive this important benefit, and we will remain vigilant in opposing any plan that modifies or excludes the deductibility of mortgage interest.\u201d
\nEditors\u2019 Note: This is the first part of a two-part series discussing the mortgage interest deduction. Later this week, Movoto will highlight the pros and cons of the tax break.<\/em>
\nFollow us on Twitter<\/a>. Like us on Facebook<\/a>. Check us out on Pinterest<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

\"obamaThe tax deduction, which encourages homeownership, seems to be perpetually on the cutting block–and it doesn\u2019t matter if the person holding the ax is a republican<\/a> or democrat<\/a>. Homeowners, and future homeowners, should pay attention to the discussion. Elimination of the MID will take money from their pockets.<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[63],"tags":[],"class_list":["post-4400","post","type-post","status-publish","format-standard","hentry","category-finance","post--single"],"yoast_head":"\nHousing Tax Break on the Cutting Block?<\/title>\n<meta name=\"description\" content=\"Homeowners, and future homeowners, should pay attention to the discussion. 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