fbpx
Compare Before Deciding on the Standard Deduction
The TCJA of 2019 dramatically increased the standard deduction so that many homeowners benefit from taking that rather than itemizing their deductions. Taking the standard deduction may result in a larger deduction even if you have no expenses that qualify for claiming itemized deductions. Another thing reinforcing taking the standard deduction was low rates at […]
Compare Before Deciding on the Standard Deduction
The TCJA of 2019 dramatically increased the standard deduction so that many homeowners benefit from taking that rather than itemizing their deductions. Taking the standard deduction may result in a larger deduction even if you have no expenses that qualify for claiming itemized deductions. Another thing reinforcing taking the standard deduction was low rates at […]

fa0f47d0-b58d-4469-9452-2bb62a9812c7.jpg

The TCJA of 2019 dramatically increased the standard deduction so that many homeowners benefit from taking that rather than itemizing their deductions. Taking the standard deduction may result in a larger deduction even if you have no expenses that qualify for claiming itemized deductions.

Another thing reinforcing taking the standard deduction was low rates at the time and the interest plus property taxes were less than the standard deduction.

In 2022, mortgage rates more than doubled, so, anyone who purchased a home or refinanced at the higher rates might benefit from itemizing rather than taking the standard deduction. The takeaway in this article is to compare both methods each year to see which way provides the larger deduction.

For 2022, the standard deduction for married couples filing jointly is $25,900, for single filers and married individuals filing separately is $12,950, and for heads of households is $19,400. There are increased amount for seniors over 65.

Mortgage interest, points paid to purchase a home (paid by seller or buyer), and property taxes are deductible on Schedule A. Other items allowed as deductions are charitable contributions, medical expenses in excess of 7.5% of taxpayers’ adjusted gross income, and casualty and theft losses from a federally declared disaster.

In 2019, IRS reported that 89.5% of people took the standard deduction which is easier to file, doesn’t require receipts, and may yield a higher deduction than itemizing but the only way to be sure is to compare both ways.

For more information, download Publication 529 or contact your tax professional. Download our Homeowners Tax Guide for more information on homeowner taxes.

LIST OF BLOGS

Charing Cross Condominium Association

Historical Background Fairfax County, established in 1742, has long been a hub for historical significance and growth. Charing Cross, while not dating back to the county's inception, reflects the newer wave of suburban expansion that characterized post-World War II...

Chaconas Homeowners Association

History of Chaconas HOA Chaconas HOA, like many homeowner associations in Fairfax County, emerged from the broader trend of community planning that took hold in the post-World War II era. Fairfax County, established in 1742, has seen significant development...

Chapel View Homeowners Association

History of Chapel View HOA Chapel View HOA, located in Fairfax County, Virginia, emerged as part of the post-World War II suburban expansion that characterized much of the Eastern United States. The area's development can be traced back to the mid-20th century when...

Chapel Trail HOA

Historical Background Fairfax County itself has a deep historical lineage dating back to its establishment in 1742. However, when focusing on Chapel Trail, we must understand the development patterns of post-World War II suburban expansion. The Chapel Trail community...

Chapel Square West Community Association

Historical Background The history of Chapel Square West is intrinsically linked to the broader narrative of Fairfax County's development. Originally part of the land owned by Lord Fairfax, the area began to see residential development in the mid-20th century as part...

Chapel Square Civic Association

History of Chapel Square Chapel Square's history is emblematic of the broader development trends in Fairfax County. Established in the latter half of the 20th century, Chapel Square emerged as part of the suburban expansion driven by the post-World War II economic...

Chapel Ridge HOA

Chapel Ridge HOA The neighborhood likely adopted its name from local historical landmarks or geographical features, a common practice in naming communities within Fairfax. The HOA in Chapel Ridge, like many others in the area, was established to manage common areas,...

Chapel Lake Homeowners Association

History of Chapel Lake HOA The Chapel Lake HOA, as indicated by its listing on Bizapedia, is part of a broader trend of homeowner associations in Virginia, which have become increasingly popular for managing communal properties, enforcing covenants, and ensuring a...

Chapel Knoll HOA

History of Chapel Knoll The history of Chapel Knoll can be traced back to the broader development trends of Fairfax County, which was established in 1742. However, Chapel Knoll itself is a more recent addition to the tapestry of Fairfax's community landscape, likely...

Chapel Hill Civic Association

History of Chapel Hill Civic Association Chapel Hill, as part of Fairfax County, traces its roots back to the broader historical narrative of the region, which began with the establishment of Fairfax County in 1742. However, the specific history of Chapel Hill as a...

RECENT POSTS

Chapel Trail HOA

Historical Background Fairfax County itself has a deep historical lineage dating back to its...

Chapel Ridge HOA

Chapel Ridge HOA The neighborhood likely adopted its name from local historical landmarks or...

Chapel Knoll HOA

History of Chapel Knoll The history of Chapel Knoll can be traced back to the broader development...

ABOUT  TWENTY
THREE HOMES

The Twenty Three Homes are one of the premiere real estate groups locally, nationally and internationally, specifically dealing with high-end properties and exclusive clientele. Partner with Keller Williams Twenty Three Homes are full service real estate experts whose clients benefit from the custom tailored, hands on service while receiving all the exclusive amenities and resources of one of the most established and respected firms in the business.

GET IN TOUCH