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18
Bruce Braley Speaks with Ruhl&Ruhl Realtors on Dubuque Tax Credit
It is likely many homeowners are unaware of the tax break advocated by U.S. Rep. Bruce Braley, local Realtors say. And they won't love finding out it's gone. Braley visited on Friday with representatives of the Dubuque Board of Realtors to discuss issues relating to the housing market. Braley is encouraging the extension of a federal tax deduction for homeowners with mortgage insurance. The deduction saves nearly 20,000 Iowans an average of $350 annually, Braley said. "I don't think a lot of people know they're getting it," Dubuque Realtor, Jeff Hefel, said. "They'll all be surprised when it goes away." Hefel said it's unlikely the tax credit sways home purchasing decisions one way or the other, but he nonetheless believes the credit is worthwhile. "I just look at it as, if you can find a way to get money in the pockets of responsible Americans, I think that's a good thing," Hefel said. The credit expired at the end of 2013, and Braley has introduced legislation to renew it. He said it might have to get passed as part of a package legislation with other tax breaks, such as ones for families who adopt. Braley said he hopes that however it must happen, the mortgage insurance tax deduction is passed soon, with the annual tax filing deadline just a few short months away. "As the housing market continues to recover, working to make sure home ownership is within reach for middle-class Iowans is an important priority," Braley said. "Investing in programs that promote home ownership and reduce tax burdens are two ways to make this happen." Nick Goodmann and Jane O'Neill joined Hefel in chatting with Braley about the local housing market. The Iowa Association of Realtors called 2013 "a fantastic year." Local Realtors said new home construction has slowed a bit. Braley asked the Realtors the potential impact of rising interest rates after they dove to historical lows. Hefel said it could actually spark buying if it rises moderately. He said if potential buyers see the rates start to rise, that might lead them to buy before the rates go even higher. "These (low rates) aren't going to last forever," Hefel said. "I actually like a small bump." The Dubuque real estate agent said the best thing the federal government can do to foster more home ownership is to operate with more stability. Reprinted with permission from the Telegraph Herald. View all available Dubuque real estate or speak with someone at our Dubuque real estate office today.
