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The Future Of Mortgage Interest Tax Deduction

November 16th

Now that the election is over the White House has some pressing matters to attend to, one of which is the fate of the mortgage interest tax deduction. Although each political party holds different ideas as to how to proceed with the deduction  in the coming years, the good news is that it will live to see another day.

 Program Revisions

One thing has been clear for politicians of all sides, the mortgage interest deduction is extremely important for the health of the housing market and economy. Accounting for nearly 35% of total itemized deductions among most home owning Americans, losing such an important piece of tax benefit could have been detrimental. Not only does the deduction help reduce the tax bill for many taxpayers, it keeps tax debt problems at bay when people can depend on such benefit.

Although no decisions have been made as to exactly what the revised mortgage interest deduction could look like in the coming year(s), a few ideas are being tossed around. Some of the proposed plans for revision include:

  • A cap of $500,000 home value
  • Limiting the deduction to primary residences only
  • An overall  limit of $25,000 in savings
  • Disqualifying taxpayers who earn more than $250,000 annually from eligibility to claim the deduction

 

 
 
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