Among the 35 million taxpayers who use the home mortgage deduction, the average amount of mortgage interest deducted by each tax filer is $9,650. For those who deducted real estate taxes, the average is more than $3,000, making these two of the most widely used and important deductions in the federal tax code, according to a new study released by the National Association of Home Builders (NAHB).
On a statewide basis, Texas homeowners deducted $16 billion in mortgage interest. In addition to the mortgage interest deduction, Texas taxpayers exceeded the national average of $3,000 for real estate tax deductions — filing $4,501 per household. These deductions can dramatically reduce a taxpayer's liability and serve to promote homeownership.
Source: RISMedia
