As the leading advocate for homeownership, the National Association of REALTORS® aggressively supports the mortgage interest deduction (MID) because it helps people become and remain homeowners.
The MID has been part of the federal tax code since it was first enacted in 1913.
Homeownership is how many American families begin to accumulate wealth. According to data from the Federal Reserve Board, a homeowner’s net worth is 46 times that of a renter’s.
A home purchase – the largest investment most families will ever make – builds family wealth, provides tax revenues for local governments and stimulates growth in all housing-related industries.
People with both low and middle incomes use the MID. According the most recent IRS tax return data available, 63 percent of the families who claim the MID earn between $50,000 and $200,000 per year.
While in any particular year only about one-third of taxpayers itemize, of the taxpayers who do itemize deductions, more than 81 percent take the MID.
People usually don’t buy homes because of the MID. They buy homes to satisfy social, family and personal goals. The MID does, however, facilitate homeownership by reducing the carrying costs of ownership.
The MID remains the most effective tax incentive to expand homeownership. Homeownership provides important social and economic benefits. It is the cornerstone of a healthy community, the basis for positive community involvement and a family’s first step on the ladder to wealth.
The tax deductibility of interest paid on mortgages is both a powerful incentive for homeownership and one of the simplest provisions in the tax code. It should not be targeted for change.
Homeownership is part of the American dream for a reason. It’s an investment in your future.
The MID has been part of the federal tax code since it was first enacted in 1913.
Homeownership is how many American families begin to accumulate wealth. According to data from the Federal Reserve Board, a homeowner’s net worth is 46 times that of a renter’s.
A home purchase – the largest investment most families will ever make – builds family wealth, provides tax revenues for local governments and stimulates growth in all housing-related industries.
People with both low and middle incomes use the MID. According the most recent IRS tax return data available, 63 percent of the families who claim the MID earn between $50,000 and $200,000 per year.
While in any particular year only about one-third of taxpayers itemize, of the taxpayers who do itemize deductions, more than 81 percent take the MID.
People usually don’t buy homes because of the MID. They buy homes to satisfy social, family and personal goals. The MID does, however, facilitate homeownership by reducing the carrying costs of ownership.
The MID remains the most effective tax incentive to expand homeownership. Homeownership provides important social and economic benefits. It is the cornerstone of a healthy community, the basis for positive community involvement and a family’s first step on the ladder to wealth.
The tax deductibility of interest paid on mortgages is both a powerful incentive for homeownership and one of the simplest provisions in the tax code. It should not be targeted for change.
Homeownership is part of the American dream for a reason. It’s an investment in your future.
