Wednesday, April 25, 2012

The National Association of Realtors misrepresents how many people use the Mortgage Interest Deduction

An NAR Spokesperson says:

“NAR is actively engaged to ensure that the nation’s 75 million homeowners will continue to receive this important benefit, and we will remain vigilant in opposing any plan that modifies or excludes the deductibility of mortgage interest.”
The problem is that not all homeowners use the mortgage interest deduction.  Those without debt don't use it.  Those who don't itemize don't use it.  According to the US Treasury Department, in 2009, only about 37 million households took the mortgage interest deduction.

NAR is in the business of representing its members, who benefit from the mortgage interest deduction.  But they still need to get their facts right.  

(For data on number of returns with deductions, go to the SOI site, scroll down to "Individual Income Tax Returns with Itemized Deductions: Sources of Income, Adjustments, Itemized Deductions by Type, Exemptions, and Tax Items," choose 2009, and look at column CA in Table 2.1).

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