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Don’t Rock the Boat! Keep the Mortgage Interest Deduction

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.

Losing the Mortgage interest deduction will disproportionately affect the middle class because a larger proportion of the middle class takes the deduction. In California 89% of those who took the mortgage interest deduction earned less than $200,000. Losing the deduction would cost the average California taxpayer over $3,900.



What you can do to help:

Call Congress. First and foremost, we are urging the public to get involved by calling Congress to ask that the mortgage interest deduction be preserved. The public may reach Congress by calling 202-224-3121 begin_of_the_skype_highlighting 202-224-3121 FREE end_of_the_skype_highlighting. The Capitol switchboard operator will help callers identify their member of Congress and connect them.

The public can reach Congress by calling (202) 224-3121 begin_of_the_skype_highlighting (202) 224-3121 FREE end_of_the_skype_highlighting
Monday-Friday from 9 a.m. – 6 p.m., Eastern Time.

Get the word out. Many people seem to be blissfully unaware that their mortgage interest deduction is in danger. Please do the following to make sure that the message spreads.

1. Forward this message to your family, friends and clients.
2. Post this information on your personal and office websites and blogs.
3. Share this information on Facebook and urge others to share it as well.
4. Tweet about it on Twitter and urge others to retweet. Use the hashtag: #keepthemid.
5. Link to the following web page: www.KeepTheMID.com . This site has information about contacting Congress, more information on the MID and links to articles.
6. As you see new information and articles, share these on all your social networking sites.

Here’s some recent news and commentary on the mortgage interest deduction and fiscal cliff negotiations:
Editorial by Ben Stein
President Obama’s comments on the MID
OTUS story on the MID
Editorial in the Santa Cruz Sentinel
Marin Journal story about the MID

Tax Break Expires, and other Real Estate News from CNN

Home sellers, who sell through the short-sale process currently don’t have to pay federal taxes on the amount of debt that is forgiven because of a bailout-era law knows as the Mortgage Relief Act. That act is set to expire December 31^st and unless it is extended, taxpayers will be taxed on that relief. According to RealtyTrac, the average amount of debt that is forgiven in a short sale is $95,000. See CNN video and article.