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> One of the best tax deductions we get is the one on mortgage interest. Not anymore. The rise in the standard deduction combined with caps on SALT deductions
by mywittyname 6y ago
> One of the best tax deductions we get is the one on mortgage interest.
Not anymore. The rise in the standard deduction combined with caps on SALT deductions has drastically curbed the value of mortgage tax deductions. As a result, the number of people in the bottom 90% of income who itemize their taxes has fallen precipitously.
https://taxfoundation.org/standard-deduction-itemized-deductions-current-law-2019/ https://taxfoundation.org/standard-deduction-itemized-deduct...
This is a good thing, because SALT and mortgage interest deductions were horrible, regressive policies.
- njarboe 6y agoFrom your link the only real change that the law made was to reduce the deduction of interest from a loan cap of $1 million to $750k. The SALT limit of $10k hurt a lot of people, but the mortgage deduction is not part of the $10k SALT (state and local tax) limit.
- tathougies 6y agoYes, the increased standard deduction was one of the best things from the TCJA.