Wednesday, December 05, 2012

Mortgage deduction is popular, but few claim it

USA Today reports:
IRS data underscore the uneven benefit of the mortgage interest deduction, which is popular in high-cost areas but rarely claimed in areas with low housing costs. That's because the deduction is available only to those who itemize deductions. And the numbers work only for taxpayers whose total deductions — for mortgage interest, charitable giving and other expenses — are worth more than the standard deduction.
Check out the nice interactive chart from USA Today on this subject.