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Trump administration weighs slashing mortgage deduction

Posted by   /  August 7, 2017  /  No Comments

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Reducing the mortgage interest deduction would send earthquakes through the real estate industry.

By Colin Wilhelm | Politico

A tax break popular with homeowners and the real estate industry could take a hit as Republicans look for ways to pay for their tax reform plan.

Despite promises from the Trump administration in April that it would “protect the homeownership … deductions,” multiple sources tracking tax reform said that the cap on the mortgage interest deduction — currently set at the interest on up to $1 million of mortgage debt — could be lowered in tax reform.

That would be a slap in the face to an industry that strongly supported President Donald Trump during his presidential bid: He overwhelmingly won a straw poll by the National Association of Realtors during its annual meeting last year.

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