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re: How's the new tax laws treating you?
Posted on 1/23/19 at 9:18 am to Puffoluffagus
Posted on 1/23/19 at 9:18 am to Puffoluffagus
I haven't filed yet, but I'm curious what other married couples are doing/paying to itemize this year. With the $10k SALT cap the only other major deduction is mortgage insurance which leaves $14k needed to itemize. What other deductions are you taking to eclipse $24k?
3
Posted on 1/23/19 at 9:21 am to Oenophile Brah
I think the average person is going to have a rough time getting to itemizing without high property taxes and/or large mortgage.
This post was edited on 1/23/19 at 9:21 am
Posted on 1/23/19 at 9:23 am to Oenophile Brah
quote:
What other deductions are you taking to eclipse $24k?
Medical bills pretty much
Posted on 1/24/19 at 11:38 am to Oenophile Brah
quote:
With the $10k SALT cap the only other major deduction is mortgage insurance which leaves $14k needed to itemize.
Mortgage interest, or mortgage insurance?
Most people (not all, but most) that hit the 10K SALT cap probably make too much to claim any deduction for mortgage insurance.
For joint couples, the two big drivers to itemize are going to be mortgage interest and charitable contributions. For single people who own homes, it will likely be easier to hit the itemize threshhold.
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