And, for many people in the US without a lot of deductibles, not in the US either after tax law changes a few years ago.
Yeah they're going to keep SALT capped farther than they said they would, huh?
No idea. I wouldn't count on anything with a new administration/congress.
New? It is the same crowd as 2017. I mean they dropped the McCains, Cheneys, and Paul Ryan.
But the rest are still there.
And who knows what the crowd will do in 2025 given new cabinet etc.? Deductions don't really affect me much going forward. I care but not planning around specific policies going forward.
Yeah I'm not saying it is a determinant. But the new/old head of state is the only one in the admin who matters legislatively. I'm merely musing on the pressure to balance a budget and give away all of our money. I hear he isn't so good with that. Go big or go home tho.
Standard exemption in the US for a married couple is around $30k. If your mortgage is so massive that the mortgage tax deduction is better than the standard deduction then in most cases you bought a far too luxurious house or in a far too “prestigious” location(SF, NYC, etc.). If you’re not already a millionaire you shouldn’t buy such property.
Standard deduction for single people is 15k. SALT can get you to 10k, and anything past 5k in mortgage interest (at 5% rates and 100k balance, you're already at the point) is gain over the std deduction. 22.5% on those dollars for many people. More depednnding on state tax.
As someone else commented, things can of course always change, but as things stand today, it takes a very large mortgage and/or very significant other deductibles to get over the standard deductible at this point in the US.