Itemized Deductions

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4 Terms

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Mortgage Interest Deduction Limitation

Mortgage>$750K will be limited to taking full deduction on mortgage interest paid. This limitation applies to mortgages taken after December 15, 2017, and caps the deductible interest for loans exceeding this amount. Deduct Interest = Total Interest x (Qualified Loan Limit/Avg. Mort Balance)

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SALT (State and Local Tax) Deduction limitation

Single: $40,400, MFJ: $40,400, HOH: $40,400 and MFS: $20,200 Phase out begins when MAGI> $505K for Single, MFJ, HOH and $252,500 for MFS

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2026 Charitable Deduction 0.5% AGI Limitation

Contribution must exceed 0.5% of AGI to take deduction

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2026 Charitable Deduction without Itemizing

Single & HOH: $1K, MFJ:$2K, MFS:$1K