Fun Fact of the Day, June 3, 2019

June 3, 2019

Simpler Return - As of 12/31/17, there were 77 million homeowners in the USA, of which 34 million claimed a mortgage interest deduction on Schedule A of their 2017 Form 1040. As of 12/31/18, there were 79 million homeowners in the USA, of which just 14 million claimed a mortgage interest deduction on Schedule A of their 2018 Form 1040. The reduction in the use of the mortgage interest deduction was the result of the increased standard deduction created by the “Tax Cuts and Jobs Act of 2017” (source: Tax Policy Center).

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