[A] report issued by the Pew Charitable Trusts – an independent nonprofit organization and the sole beneficiary of several trusts established by heirs of Sun Oil Company founder Joseph N. Pew – determined that the percentage of tax filers deducting mortgage interest ranged from nearly 37 percent in Maryland to only 15 percent in West Virginia and North Dakota. The disparity between some of the metropolitan areas within states was even greater. For instance, in Texas the deduction rate for the Austin area was approximately four times the going rate for the Odessa area. The size of the deduction also varies significantly across the individual states. In 2010, the average deduction ranged from $4,580 per filer in Maryland to $1,192 per filer in North Dakota. The study pinpointed the national average at $2,713. [AWEB, Pew]
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Examining the effects of the Inflation Reduction Act on §179D Welcome to part two of our series on the IRS Section 179D tax deduction. We explained how the §179D tax deduction works and who qualifies for it in part one. For this entry, we’ll take a look at the future of our plucky lil’ write-off […]
Who qualifies for the $1.80 $1.88 $2.00 $5.00 per sq ft tax write-off? If you listen closely, you can hear it: The IRS Section 179D tax deduction is suddenly generating a lot of buzz. The provision, which provides incentives in the form of tax deductions to commercial building owners and designers of government-owned buildings who […]