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Changes to Itemized Deductions in 2021?
Working on my taxes for 2021 and TurboTax is selecting the standard deduction for me, which is odd because we've used the itemized deductions for the past 6+ years.
Looking at a few of our bigger deductions, our property taxes are $10k+ (I think there's a $10k cap), mortgage insurance is $6k+, and local/state income taxes paid are $4k+. Putting just these items together puts us over the standard deduction of $18,800.
Is there a new cap on other deductions that I missed? We re-financed our home last January and our mortgage changed companies part way through the year so I'm just making sure I didn't mis anything while entering info.
Thanks,
Jamie
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‎February 22, 2022
5:23 AM