New Tax Deductions for Homeowners

In case people weren't aware, I wanted to highlight some tax benefits that the BBB changed.

1. SALT (State And Local Taxes) Deduction was limited to $10,000. That limit is now $40,000. For those of you in states like California and New York, this may be helpful for you.
2. Mortgage Insurance are now deductible again. They originally were introduced in 2007 and ended in 2021.

Granted, you have to itemize your deductions to claim these deductions on your tax return. So, you aren't guaranteed that these are greater than the standard deduction. Talk to your tax professional.