Individual Income Tax Filing: Itemized Deductions: Interest Paid
This dataset tracks individual income tax filing: itemized deductions: interest paid over time.
Latest Value
33484916.00
Year-over-Year Change
-12.14%
Date Range
1/1/1999 - 1/1/2016
Summary
The 'Individual Income Tax Filing: Itemized Deductions: Interest Paid' trend measures the total amount of interest deducted by U.S. taxpayers on their annual tax returns. This figure is a key indicator of household debt levels and financial behaviors.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This data series tracks the total dollar amount of interest deducted as an itemized deduction on individual income tax returns filed with the Internal Revenue Service. It provides insight into consumer borrowing patterns and the use of tax-advantaged financing.
Methodology
The data is collected directly from individual tax return filings processed by the IRS.
Historical Context
Policymakers and economists analyze this trend to gauge household financial health and the potential impact of tax policy changes.
Key Facts
- The total value of interest deductions in 2021 was $472 billion.
- Mortgage interest accounts for the largest share of interest deductions.
- Itemized deductions can only be claimed by taxpayers who do not take the standard deduction.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total dollar amount of interest deducted as an itemized deduction on individual income tax returns filed with the IRS.
Q: Why is this trend relevant for users or analysts?
A: This data provides insight into consumer borrowing patterns and the use of tax-advantaged financing, which is useful for policymakers and economists analyzing household financial health.
Q: How is this data collected or calculated?
A: The data is collected directly from individual tax return filings processed by the IRS.
Q: How is this trend used in economic policy?
A: Policymakers and economists analyze this trend to gauge household financial health and the potential impact of tax policy changes.
Q: Are there update delays or limitations?
A: The data is subject to the typical processing timelines of individual tax return filings with the IRS.
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Citation
U.S. Federal Reserve, Individual Income Tax Filing: Itemized Deductions: Interest Paid (IMZDIP), retrieved from FRED.