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Are Homeownership Tax Advantages at Risk?

You may be aware that Congress is considering changes to tax law that stand to negatively affect you as a current or prospective homeowner. According to the National Association of REALTORS® (NAR)—the largest trade association in the country, which advocates for real estate professionals and homeowners—as Congress pursues comprehensive tax reform it should focus on doing no harm to housing and America’s 75 million homeowners by maintaining current tax laws for homeownership and real estate investment.

NAR President Gary Thomas recently testified before the U.S. House Ways and Means Committee concerning Federal tax provisions that affect residential real estate. Thomas urged specific support for maintaining the current deduction for home mortgage interest. The mortgage interest deduction helps many families become homeowners, which is the foundation for a healthy middle class, and it is vital to the health and stability of housing markets.

Sixty-five percent of families who claim the deduction earn less than $100,000 per year, and as a percentage of income, the biggest beneficiaries are younger middle-class families.

“The mortgage interest deduction makes sustainable homeownership more affordable for millions of middle-class families; these families are the nation’s backbone,” said Thomas. “Protecting these hard-working Americans should be Congress’ top priority as it pursues comprehensive tax reform. On behalf of our one million REALTOR® members and millions of homeowners, we urge Congress to do no harm to housing.”

In his testimony, Thomas emphasized the fact that homeownership has had long-standing support in the country because of its many benefits to individuals, families, communities and to the nation’s economy.

Thomas explained that the current tax code contains housing-related provisions that help facilitate homeownership, build wealth for families and provide stability to communities. Altering these policies could marginalize current and future homebuyers as well as jeopardize the nascent housing recovery and the overall economy.

“REALTORS® know that homeownership is an investment in your future,” said Thomas. “NAR remains committed to preserving the current tax measures for homeownership so that millions of Americans can continue to build the kind of financial security that owning a home can provide.”

As a Member of the Top 5 in Real Estate Network®, I have a wealth of real estate and homeownership information that may be of help to you. Feel free to forward this article on to any friends or family that may be interested as well.