How does the new tax code affect mortgage deductions for married couples

jlfce · ‎June 4, 2019

xmasbaby0 · ‎June 4, 2019

TAX REFORM

https://ttlc.intuit.com/questions/4482394-how-will-tax-reform-affect-my-2018-federal-tax-return

One of the ways it will affect you is that the standard deduction for a joint return is $24,000 (+$1300 for each spouse 65 or older) , so it will be harder to have enough itemized deductions to exceed the standard deduction. Many people who used to itemize such things as mortgage interest and property taxes might not have enough itemized deductions and will just take the standard deduction instead.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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xmasbaby0 · ‎June 4, 2019

TAX REFORM

https://ttlc.intuit.com/questions/4482394-how-will-tax-reform-affect-my-2018-federal-tax-return

One of the ways it will affect you is that the standard deduction for a joint return is $24,000 (+$1300 for each spouse 65 or older) , so it will be harder to have enough itemized deductions to exceed the standard deduction. Many people who used to itemize such things as mortgage interest and property taxes might not have enough itemized deductions and will just take the standard deduction instead.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**