28 03 2011

MID?  What on earth does that stand for?

It’s Mortgage Interest Deduction.  Right now the Government rewards us for being homeowners by allowing us to deduct the interest we pay each year on our mortgages from what our taxable income is.  Pretty darn cool (even if you didn’t know, but own a home).  Just one of the many benefits of being a homeowner.  🙂  There is no deduction for your monthly rent if you don’t own a home, but a HUGE portion of your monthly payment in the first half of your mortgage (think at least 15 years) is ONLY interest….seriously – I haven’t run the numbers to give you the example, but assume it’s about 90%+.

If you’d like to see this continue, please contact your congress representative and tell them how you feel.  This is one of the many cuts being discussed in Washington right now.





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