Nation: NAR Urges Mnuchin to Protect MID

In a letter dated March 10, 2017, NAR 2017 President William E. Brown urged new Treasury Secretary Steven Mnuchin to protect the current tax benefits of homeownership as the Trump Administration seeks to reform the federal income tax system. Referring to recent media reports where Mnuchin promised to leave “the mortgage interest deduction as is,”Continue reading “Nation: NAR Urges Mnuchin to Protect MID”

Nation: Tax Reform Proposals Hurt MID

Evan Liddard, a NAR tax policy analyst, says we should be wary of recent tax reform proposals that claim to protect the mortgage interest deduction (MID). Liddard spoke to government affairs directors in Washington, DC last week. Liddard said by increasing the standard deduction both the Camp and Wyden plans introduced in recent years wouldContinue reading “Nation: Tax Reform Proposals Hurt MID”

Mortgage Interest Deduction Facts

The mortgage interest deduction (MID) was capped at $1 million in 1987 and not pegged to inflation. If it had been indexed, the MID cap would be over $2 million today. For context, at the time the median priced single-family home was $85,600. While the mortgage interest deduction cap remains unchanged, the price of single-familyContinue reading “Mortgage Interest Deduction Facts”

COLORADO ASSOCIATION OF REALTORS® Legislative Update

NAR has set its public policy agenda for 2013 after reviewing the results of its member survey. That survey indicated that the mortgage interest deduction (MID), the exclusion on principle residence and property taxes in general were the top issues on Realtors®’ minds. TAX POLICIES: Continued focus on reducing the federal deficit has kept taxContinue reading “COLORADO ASSOCIATION OF REALTORS® Legislative Update”