Category: tax deduction

“In his recently introduced budget, Governor Martin O’Malley has
proposed to reduce the mortgage interest deduction for many
Maryland homeowners,” according to Mary C. Antoun, Chief
Executive Officer of the Maryland Association of REALTORS®.
“Since 1913, the tax code has protected mortgage interest
deductibility. Maryland shouldn’t be the first state to scale back the
most important tax benefit homeowners receive,” stated Antoun.
“Everyone is well aware of the burdens Maryland homeowners are
facing. Many homeowners have watched the value of their homes
decrease. One-fifth of Maryland homeowners are currently
underwater, and now homeowners find the one constant reliable
tax benefit to owning a home under attack.”
If tax deductions are capped, as proposed by the Governor’s
budget, many Maryland homeowners will lose some of the value of
their mortgage interest deduction and the deductibility of state
and local property taxes. “These two principal real-estate related
deductions accounted for almost 70% of total deductions claimed
by Maryland taxpayers in 2008,” noted Antoun.

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Americans overwhelmingly oppose any action by Congress to tamper with the mortgage interest deduction, but it could be eliminated or scaled back as Congress and the Administration are looking at tax increases in light of deficit concerns.

The consequences would be devastating for home owners, the housing market and the nation’s economy.

www.SaveMyMortgageInterestDeduction.com is dedicated to preserving the mortgage interest deduction and protecting homeownership. Please join us in this important effort.

If you or someone you know is considering buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! I take great pride in referrals, and I assure you, I will take great care of your friends, family & colleagues! As member of the Garrett County Board of Realtors, I can assist you with ANY listed property, regardless of the listing broker.

By Tami Luhby, senior writer
December 2, 2010: 5:25 AM ET

NEW YORK (CNNMoney.com) — Don’t even think of touching the mortgage interest tax deduction in the midst of a fragile housing market.

That was the immediate response of the housing industry, which has come out with guns blazing against the presidential deficit commission’s proposal to overhaul the coveted tax provision.

“We will fight this proposal,” said Joe Stanton, chief lobbyist for the National Association of Home Builders. “From everything we’ve read, it will end up being a tax hike.”

Charged with finding ways to reduce the nation’s exploding federal debt, the bipartisan debt panel recommended Wednesday a wide range of controversial spending cuts and tax changes that would slash $4 trillion in deficits over the next 10 years.

Among the proposals was a major change to the mortgage interest deduction, which costs the Treasury Department an estimated $131 billion a year.

Currently, taxpayers who itemize their deductions can deduct the interest on mortgages of up to $1 million for their principal and second residences, plus on home equity loans of up to $100,000. The provision generally benefits higher-income Americans since they are more likely to itemize.

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