Page 11 - Second Homes News Today

To be in the middle because theyre starting from these positions. i have a feeling that when a deal is done -- and i think one will get done, barnicle, i know youre a pessimist, im an optimist -- theyre going to raise that $250,000. that will be a gift to the republicans. and then maybe well see reducing mortgage interest deductions from $1 million, which is how much you can deduct now, to $750,000. it will be somewhere in the middle between those two things. >> second homes, and theres a lot of...

Out of your 401(k), its taxed as income. i.r.a., this is where folks save outside post-tax money into retirement savings. you may lose the tax deduction there. that will definitely hit the top percent of americans, and thats a concern because its a lot of small business owners. >> lets talk about the other immensely popular deduction, and this is the mortgage deduction. >> this is a heated one. this is very heated. heres the thing. if youre looking at your interest that youre paying, up to a mil...

Closure, let the market bottom out. second home buyers are not -- are paying with cash, theyre not affected necessarily by the deductions and i dont think it will affect the market. to do so on your average buyer i think would be troublesome. until the market steadies out we need mortgage deductions for the middle class. for the wealthy paying cash, its fine. >> wayne, half of -- half of second homes last year were paid in cash. >> yeah, but you couldnt be more wrong. of course its going to hurt...

Earners. essentially, keeping it that deduction for most people. greg rand, the ceo of own america. what do you make of this? specifically, the mortgage bit here? where he may take away from high-income earners, the mortgage deduction on second homes. what do you say? >> im relieved. its the first time we heard anybody talk about the mortgage tax deduction where they werent talking about taking it away fresh. i see him throw the ball to moderate and liberals saying were not just giving the rich ...