Homeowners, beware! As part of the budget deal, your mortgage interest may no longer be a deduction for you to take on your 2011 tax form.
Congress and the White House are discussing putting a cap on the mortgage interest deduction (MID) and eliminating it altogether for home equity loans and second homes. A similar proposal was made last year, but the housing industry, Realtors and lenders opposed it.
The current cap for mortgage debt is $1 million, and the interest on home equity loans and second homes is also deductible. Housing industry leaders fear that lowering the cap and cutting out the second home and home equity loans will hurt the slow market even more.
If you would like to sell or buy a house in the Greater Houston area, or if you have any questions regarding Houston Real Estate please contact Irena Gorski 281-610-4524, http://IrenaGorski.com