3 ms·

The issue is that it only kicks in when you itemize your deductions and it has something like a $10k cap. The standard deduction is 15k for a single and 30k ma

The issue is that it only kicks in when you itemize your deductions and it has something like a $10k cap. The standard deduction is 15k for a single and 30k married. Unless you have a bunch of other things to deduct, it's often the right choice to just use the standard deduction.

malfist 1y ago
Unless your a homeowner with a mortgage, then it's almost always better to itemize
- cshokie 1y ago
  Not so much anymore. The standard deduction for a married couple is now above 30k. It would take a large mortgage to pay that kind of interest in a single year. (Principle is not deductible; only interest)
  - smcin 1y ago
    That's going to skew towards blue states and metros.