Starting to think about taxes. Google seems to have a lot to read, but I’m on very limited time. Anyone willing to make a short list of what has changed in deductions? Standard deduction has gone up - nothing difficult to find there, but what still applies (or not) to it? Health costs? Mortgage Interest? Charity Deductions? (There are more, of course.) I seem to recall state tax payments are no longer deductible because that made the news. The rest I’m foggy on with which way they ended up.
This came through my emails yesterday: https://www.purewow.com/money/2018-tax-changes-to-know
For many people, the standard deduction will now exceed itemized deductions. So, while mortgage interest (on up to $750k loan) and charitable are still deductible, you may not really use them. State and local taxes are deductible but only up to a $10k limit. So, even if a couple has $10k in property taxes, they are still better off using the $24k standard deduction unless their charitable plus mortgage interest exceeds $14k.
Good luck!
That $750k limit mentioned above is for new loans.
Personal exemptions are eliminated.