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Experts: Keep mortgage deductions19 Nov

When Ron Woodcock owned a home in Florida, he was able to write off about $2,000 a month in mortgage interest payments, a huge tax benefit and a major incentive for owning a home. Woodcock, who moved to the Denver area several years ago and is a broker at RE/MAX Southeast, doesn’t believe he is unique.

“I think the tax write off is why most people own homes,” Woodcock said. “It is tremendously important to most people. Look what happened when the $8,000 tax credit went away at the end of April. The market just fell off a cliff.”

That is why Woodcock, and other experts, are upset that there is even preliminary talk of chipping away at the mortgage deduction by the bipartisan White House commission looking at ways to cut the federal deficit. The preliminary proposal would scrap mortgage deductions of more than $500,000 on primary residences, as well as on second homes and lines of credit. Some fear that would just be the first shot in what would amount to a firing squad aimed at all mortgage interest write offs.

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