Saturday, June 2, 2012

2010 Federal Income Tax Home Mortgage Interest Deductions Were Down $104 Billion/21% From 2007 Peak.

The Excel table embedded below from my Excel Public SkyDrive folder shows comparisons of home mortgage interest deductions from 2004-2010 taken from federal individual tax returns. (Direct link to Excel file is HERE).


Observations:

Compared to Peak Year of 2007, in 2010:
  1. The 36.8 million returns that claimed the home mortgage interest deduction was a reduction of 10% and a reduction of nearly 3.9 million returns from the nearly 40.8 million returns that claimed the deduction in 2007.
  2. The total number of returns (with or without mortgage deductions) was a reduction of 4% (more than 5 million fewer returns). 
  3. The total amount of home mortgage interest deduction claimed [$387 billion] was down by 21% ( $104 billion) from the $491 billion claimed in 2007.
  4. The $10,497 average amount of home mortgage interest deduction per return (where the deduction was claimed) was down by 13% (-$1,555).
Note: Data taken from Table 1 found on PDF page 176 of SOI Bulletin (link to Bulletin is in the Excel file).

Originally created and posted on the Oregon Housing Blog.

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