Then again, those who already had itemized deductions close to
the new standard deduction amount will not see much benefit from this new provision.
If you won't be able to do that for 2018 because of
the new standard deduction amounts, then the popular mortgage interest deduction doesn't really provide any benefit.
Not exact matches
Under the
new bill, the
standard deduction — the
amount taxpayers can subtract from their taxable income without listing, or itemizing,
deductions on their tax returns — will rise to $ 12,000 for individuals and $ 24,000 for married couples.
The
new tax plan will also increase the
standard deduction to nearly twice its 2017
amount.
New Mexico uses the same dollar
amounts as the IRS for
standard deductions, personal exemptions, and itemized
deductions.
And as with interest that you pay over the course of the loan, the
amount you pay in points is generally tax - deductible (this assumes that it still makes financial sense for you to itemize your
deductions rather than take the
new higher
standard deduction).
Under the
new bill, however, that
amount is considerably less than the
standard deduction.
Increased
standard deduction: The
new tax law nearly doubles the
standard deduction amount.
«The Republican tax proposal makes sensible reforms in lowering the
amount of a mortgage against which the MID can be claimed to $ 500,000 for
new - home loans and doubling the
standard deduction.