Cap on Mortgage Interest Deduction Expected Soon

dennis-norman-st-louis-realtor-Charlie Cook, of the Cook Report, a well-known and respected political commentator, cautioned REALTORS at their annual national convention to be prepared for changes to the mortgage interest deduction.  According to an article in REALTOR magazine, Cook said he did not expect the mortgage interest deduction (MID) to specifically come under attack but that, as Congress looks at cuts to address the deficit, the MID “unlikely to escape unscathed.  Cook went on to say that he felt the change would most likely be in the form of a cap, whether it be a dollar amount or a percent allowed for itemized deductions, but one way or another, it was going to change.

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