Dallas area lags in taking home mortgage tax deduction

15 May

Dallas Morning News – Alexandria Baca

About 22 percent of tax filers nationwide last year claimed the deduction for a total of $68 billion, making it the third-most-expensive tax break in 2011, according to the Joint Committee on Taxation. But Dallas-area homeowners are lagging, a recent study by the Pew Charitable Trusts shows, and when they do take the deduction, it’s typically for less than the national average Almost 20 percent of Texas tax filers claimed the deduction in 2010. In 2007, the period Pew examined, more than 25 percent of filers in the Dallas-Plano-Irving area in 2007 claimed the deduction, saving an average $2,657 — slightly less than the national average. At the other end of the spectrum, Odessa had the lowest claimant rate in the country at a little more than 7 percent. The average deduction for a filer there was $468. In 2007, about 27 percent of tax filers nationwide claimed the mortgage interest deduction.

>> Read more: http://www.dallasnews.com/business/residential-real-estate/20130513-dallas-area-lags-in-taking-home-mortgage-tax-deduction.ece

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