The Mortgage Interest Deduction is of limited value because of low rates and low house prices. A $300,000 house with a 30-year mortgage at 3.25% pays just $7,800 in mortgage interest, yet the 2012 standard deduction is $11,900 if married filing jointly. If the MID is nixed, placing your house into a corporation and having the corporation rent the home to you, allows you to continue deducting all mortgage interest.