Younger homeowners reap benefits of mortgage-related tax deductions

The younger set may be benefitting more from mortgage-related tax deductions, according to a report from the National Association of Home Builders. Because younger households tend to have more housing-related debt and lower incomes, the NAHB says they take advantage of mortgage interest tax deductions more often than their older counterparts. The report also shows that among the taxpayers who claimed a mortgage insurance-related deduction, 59 percent were under 45 years old. “Opponents [of mortgage-related tax deductions] falsely argue that the deduction is only for the wealthy but it is clear that the mortgage interest deduction is also of great value to younger homeowners,” said Robert Dietz, an assistant vice president with NAHB. TRD