California Leads Nation In Mortgage Interest Deduction Benefits

Posted by Orb Staff on May 26, 2010 No Comments
Categories : Residential Mortgage

lers in California saw the highest average tax savings in 2008 by claiming the mortgage interest deduction – an average of $5,520 among all tax returns filed and $18,876 among tax returns claiming the deduction, according to a report from the Tax Foundation, based in Washington, D.C. The report, which is based on newly released Internal Revenue Service data, found that Maryland tax filers had the second-highest average deduction among all tax returns – $5,372 – and fifth-highest average amount among returns claiming the deduction, $14,162. Nationally, the average tax return deducted $3,279 in mortgage interest, while the average amount among tax returns that deducted mortgage interest was $12,221. ‘The savings from state to state vary for two reasons: First and most importantly, some states have higher average incomes,’ says Tax Foundation Chief Economist Patrick Fleenor, who wrote the report. ‘Secondly, in some locations, such as New York City, renting is more prevalent, so fewer people claim the deduction.’ The report, ‘Tax Savings from Mortgage Interest Deduction Vary Significantly from State to State,’ is No. 230 in the Tax Foundation Fiscal Fact series and is available at the organization's [link=http://www.taxfoundation.org/publications/show/26341.html]website[/link]. SOURCE: The Tax Fou

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