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"Studies show you’re most likely to benefit from the deduction if your household income is more than $100,000 a year or if you live in an area with higher housing costs, such as the West or East coasts or a major city."
It's a given that the value of the deduction increases with income level and that income itself tends to be higher on the coasts and in major non-coastal cities.
Quote:
Originally Posted by mathjak107
the average itemized deduction for mortgage interest in the U.S. is $2,713 among all filers. The average deduction increases to $10,640 among tax filers who claim a deduction. Less than one-third of federal tax payers, and less than one-half of all homeowners, take advantage of a deduction for their mortgage interest. "
It's an individual matter. Anyone can itemize and whether they do or not depends on their personal circumstances.
or they may not .30 years as an investor has taught me don't try to predict this stuff . odds are we are wrong as things not even on the radar change what we think are the most obvious outcomes.
For many people, the mortgage deduction is their only major deduction (outside of standard). Like most conservative proposals, the middle class is always targeted and loses the most.
in our case our medical deductions with health and long term care insurance put us in to itemizing territory . all insurance when you are retired is paid in after tax dollars .
It's a given that the value of the deduction increases with income level and that income itself tends to be higher on the coasts and in major non-coastal cities.
It's an individual matter. Anyone can itemize and whether they do or not depends on their personal circumstances.
That's odd, in all my burger flipping jobs I've never worked with an hourly employee who itemized.
perhaps their spouse is the bread winner and they itemize jointly . .
??? ??? ??? I've prepared some of their tax returns. At my workplace the marriage rate is 4% and the home ownership rate is 0%. My previous workplaces have had similar demographics.
in our case our medical deductions with health and long term care insurance put us in to itemizing territory . all insurance when you are retired is paid in after tax dollars .
But only unreimbursed medical expense above 10% of AGI are actually deductible anymore. It had been 7% for seniors, but that is scheduled to go away for 2017.
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