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CRF Blog » Blog Archive » A Tax Windfall From the Housing Bust

CRF Blog

A Tax Windfall From the Housing Bust

With foreclosures up, Bloomberg Businessweek reports, fewer people take the mortgage interest deduction, which means more tax revenue.

On federal tax returns, claims for the mortgage interest deduction dropped by 14 percent, from 2007 to 2009, IRS data show. For 2010, preliminary data indicate that use of the write-off fell by a further 7.2 percent. [more]