Realtors decry potential loss of mortgage deduction - AZ Central.com

Realtors are taking to the road to fight against that and other issues they believe will hurt the already ailing housing market. Local and regional NAR leaders, as well as several agents, were there to protest the potential loss of the tax deduction as well as lower loan limits on government-backed mortgages. That's only a few thousand dollars more than the standard tax deduction. The deduction essentially drops the taxable income of homeowners because they can deduct the interest they pay on their mortgage in a year. The pricier the home and higher the mortgage, the bigger the deduction is for the tax filer. Fewer than 25 percent of homeowners earning about $50,000 benefited from the mortgage-interest deduction. If they lose the tax deduction, will that be the final incentive to walk away from their home and loan. Congress recently lowered the loan limit to 115 percent. To view Outbrain's privacy policy, including instructions on how to opt out, please go to http://www. Realtors