As real estate professionals, how does everyone feel about adjusting the mortgage interest tax deduction for people making in excess of $750,000/year?

Asked by Kim Finestone, Beverly Hills, CA Thu Dec 13, 2012

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Mack McCoy, Agent, Seattle, WA
Thu Dec 13, 2012
I'm torn, because somebody has to pay taxes!

Here's the thing about the MID. If you are an investor, you can expense an unlimited amount of mortgage interest. If you are a homeowner, there are limits. I would rather take the cap off of MID, and raise the rate on higher-earning taxpayers.
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Tim Moore, Agent, Kitty Hawk, NC
Thu Dec 13, 2012
It might be a big deal out your way more so than in the areas east of you where those sort of incomes are pretty rare.
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