wallet535 t1_j7syp03 wrote on February 9, 2023 at 4:24 AM

Reply to comment by KitchenBreadfruit816 in IRS May Tax Massachusetts Refunds Sent In 2022 Under 62F Law by Lilslugga2002

People with big mortgage interest payments.

wallet535 t1_j7t25ea wrote on February 9, 2023 at 4:56 AM

Generally speaking, you can deduct home mortgage interest on the first $750,000 ($375,000 if married filing separately) of indebtedness, which alone can be way more than the standard deduction. The capped SALT deduction only adds to this potentially gigantic itemized deduction. Does that make sense? SALT alone won’t make itemized deductions worth it; it’s SALT plus other deductions, mostly the mortgage-interest deduction.

KitchenBreadfruit816 t1_j7t1t3t wrote on February 9, 2023 at 4:52 AM

It’s capped at 10k

twowrist t1_j7t62aq wrote on February 9, 2023 at 5:34 AM

SALT is capped at 10K. Mortgage interest has a different set of limits entirely. Plus there’s still charitable deductions and conceivably medical deductions.