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Tracy King's Blog

Why the Mortgage Interest Tax Deduction is Worth Saving

Check out this letter from the National Association of Realtors Chief Economist, Lawrence Yun:

Home Ownership Letter from Lawrence Yun.

Yun sent the letter to the editor of The Washington Post in response to the January 1, 2011 article, “Trim the Excessive Tax Subsidy for Real Estate.”

My thoughts? Tax incentives have influenced the ability for people to own homes for decades. The first-time buyer tax credit of the last couple of years was critical in propelling the market through a very dark time. Many people are nudged into home ownership on the advice of their tax adviser when their income improves to the point of being able to benefit from the mortgage interest tax deduction.
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