Mortgage Interest Deduction: Do You Need It?

In case you missed it, The National Commission on Fiscal Responsibility and Reform, released its recommendation last week, including the proposed elimination or limitation to the mortgage interest deduction ("MID") for homeowners.

In brief, the commission proposes to limit the mortgage interest deduction to only primary residences (today, they apply to second homes as well), and cap the deduction to $500,000 worth of mortgages (today, it's $1 million).

As you can imagine, the real estate industry is in quite an uproar over any changes to the mortgage interest deduction.