Posts tagged: mortgage interest deduction
Washington homeowners are among the largest beneficiaries of the federal income tax deduction for mortgage interest payments, according to a new study by the Tax Foundation.
The average deduction for Washington residents who claimed the deduction in 2008 was $14,262, fourth highest among the states and District of Columbia.
The average for all returns, not just those claiming the deduction, was $4,426, sixth highest nationally. Just over 31 percent of Washington tax returns included the deduction.
Idaho ranked 25th for average claimed deduction, $10,587, and 21st for average deduction on all returns, $3,081. The deduction was claimed on slightly more than 29 percent of all returns.
In a release, the foundation said the variation in rankings generally reflected higher household incomes, the rate of home ownership, and housing prices.
California ranked first for average deduction on all returns, and returns that claimed the deduction.