Not as of tax year 2018. SALT deduction is capped at $10k, standard deduction for married filing joint is $24k. I don't think you can get $14k worth of deductible mortgage interest, but I guess maybe. If you're filing single with a mortgage, it seems more likely to end up with itemized, still.
> I don't think you can get $14k worth of deductible mortgage interest
Sure you can. Even with the new $750k cap, and if you assume a (very low; chances are it's higher by a factor of 1.5 or 2) rate of 2%, you can get to $15k.
If you assume a 4% rate, then you get to $14k with a $350k mortgage. In various coastal-metro markets that's basically an entry-level house.
The other common itemized deduction is charitable contributions. Unfortunately, I see lots of "average" data for those, when what would be most useful here is median data: the average is presumably heavily skewed by wealthier or higher-income taxpayers. But as an anecdote, I know multiple people who drop $20 in the collection plate every week when they go to church; that's ~$1k right there.
Thanks -- I hadn't done the math, and was mostly grumpy about my mortgage interest + SALT not being enough. No significant charitable donations this year, I bunched up with a DAF in tax year 2017 for several reasons.
Yeah, i only deducted housing, and state, ended up with around 18k in deductions, and my mortgage is signifacntly less than even ops numbers. Its people with double or triple the average housing prices who are hurting, because hcol areas are let out.
Do you think that this change will be a precursor to getting rid of the mortgage interest deduction altogether? By making it so that most people no longer benefit from it, there should be little opposition from throwing it out.
Seems like probably it's on the way out; they reduced the eligible mortgage balance from $1m to $750k too. Limiting it while rates are still lowish also reduces the amount of impact. I expect some of this is feeding back into housing prices by now, though; so maybe expect some push back.
