wyoming home equity loan
Tax benefits of homeowners distributed unevenly across the country
Federal tax benefits for homeownership are among the heftiest and most popular of any in the Internal Revenue Code: an estimated $81 billion for mortgage interest write-offs, $15 billion for real-estate taxes and another $24 billion for capitalgains exclusions this year alone, according to the congressional Joint Committee on Taxation. But who really gets these taxcode goodies? Who gets to write off the most? New research offers intriguing insights into where the billions of dollars in annual mortgage-interest and realestate tax deductions flow, state by state, congressional district by congressional district. The research, conducted by the National Association of Home Builders, uses the latest comprehensive Internal Revenue Service data available: tax year 2003. Among the findings: Homeowners in a single congressional district in California the 14 th District in Silicon Valley took more in mortgage-interest write-offs than all the residents of six states combined.
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NATION'S HOUSING: Calif., N.Y., N.J. big for realty write-offs
Federal tax benefits for homeownership are among the heftiest and most popular of any in the Internal Revenue Code: an estimated $81 billion for mortgage interest write-offs, $15 billion for local real estate taxes and another $24 billion for capital gains exclusions this year, according to the congressional Joint Committee on Taxation.
But who really gets these tax-code goodies? Who gets to write off the most?
New research offers intriguing insights into where the billions of dollars in annual mortgage interest and real estate tax deductions flow, state by state, congressional district by congressional district. The research was conducted by the National Association of Home Builders, using the latest comprehensive IRS data available -- tax year 2003.
Among the eye-opening findings:
• Homeowners in a single congressional district in California -- the 14th District in Silicon Valley -- took more in mortgage interest write-offs than all the residents of six states combined.