28
Dec
10

Mortgage Interest Deduction, Helps Young the Most

I came across this great article by Old Republic and thought I would share it with you, I found it to be very interesting.

Tax incentives, such as the mortgage interest deduction, help younger households the most, especially those with large mortgages and small amounts of equity, according to the National Association of Home Builders.

The average mortgage interest deduction peaks for taxpayers in the 35 to under 45 age group, followed by those ages 18 to 34, and declines as the taxpayer get older, the NAHB found.

Experts said the deduction benefits the young the most because it peaks soon after the taxpayer moves from renting to homeownership, and declines over time as homeowners pay down existing mortgage debt and increase homeowner equity.

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Jennifer Ferri, Owner

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