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After the 2017 tax reform bill, itemizing deductions is not cost effective for the vast majority of Americans.
by ferdowsi 4y ago
After the 2017 tax reform bill, itemizing deductions is not cost effective for the vast majority of Americans.
- lotsofpulp 4y agoVast majority being 90% according to IRS statistics. It seems it will take some time for the myth of the effects of the mortgage interest tax deductions to die down. It is also capped at $750k of mortgage debt, which is not much for the 10% of filers who are itemizing and using the deduction.
- mrep 4y agoIf you are single it can definitely help. My deduction was 25k between SALT and the mortgage interest deduction vs 12,400 for the standard.
- thebean11 4y agoI wonder how the numbers look if you only look at Americans with mortgages though?