Except for accountants, Tax Day probably isn’t anyone’s favorite day of the year. The whole event comes with some level of stress, even for those filers expecting a big return this year.
But the National Association of Realtors® is reminding homeowners that they have a big tax advantage. According to NAR, homeowners saved an average of $2,173 in 2014 thanks to the mortgage interest deduction. Across the country, homeowners also deducted $178 billion in state and local real estate taxes.
It’s a stark reminder that America’s roughly 75 million homeowners have a lot on the line as Congress considers a major tax overhaul. Realtors® have long maintained that deductions like the mortgage interest deduction and the state and local tax deduction are important to incentivizing homeownership – something America’s tax code has included for over 100 years. Doing away with those deductions has the potential to harm home values and, as far as tax treatment is concerned, put homeownership on par with renting.
NAR’s most recent infographic has the numbers: (Tweet this!)