Over 36 million U.S. home owners took the mortgage interest deduction in 2009 and 2010, but they claimed 7.2% less in 2010 than the year before, according to data just released by the Internal Revenue Service.
The data shows 36.5 million home owners used the deduction in 2009 to claim $417 billion in interest while 36.8 million home owners used it in 2010 to claim $387 billion in deductions.
“This large decrease in the mortgage interest deduction could be partially attributed to the lower average prevailing interest rates throughout 2010,” IRS officials said. “Other factors that could have affected the mortgage interest deduction included the decrease in home ownership and a decrease in home prices.”
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