The number of taxpayers claiming mortgage interest deductions on Schedule A has dropped sharply since the 2017 tax overhaul enacted both direct and indirect curbs on them. For 2019, about 13 million filers claimed the deduction vs. about 33 million for 2017, according to the latest IRS data.
A key reason for the change: Millions more filers are claiming the expanded standard deduction rather than itemizing write-offs separately on Schedule A. For example, a married couple won’t benefit from itemizing if their mortgage interest, state and local taxes and charitable contributions total less than their standard deduction amount of $25,100 for 2021 or $25,900 for 2022.
Source: finance.yahoo.com
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