Re:My second year without a job
by TexanFeller on Saturday December 07, 2024 @12:11PM
(#42351105)
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.
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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.
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.