[quote=sdrealtor]And even if you have $50K in itemized deductions you were getting the first 25.9K anyway so the incremental benefit is only about $24K write off not the whole $50K which gzz should know already

With my mortgage as small as it is and lacking any significant medical bills I could itemize Im close to the point of not itemzing anymore. Then again with a small mortgage thats a high class problem

SALT = state and local taxes[/quote]

One of the things that’s important to remember is that while you can take standard deduction for federal it often makes sense to take itemized deduction for state because salt caps don’t apply to state taxes. I forgot about that last year where using TurboTax because I always take standard deduction now without a mortgage I just assumed that I would take standard deduction for state and didn’t bother to put in my property tax etc For my state tax calculations. It turns out that itemizing my state taxes would still be better than taking the standard deduction for my state taxes so it looks I’ll be filing an amendment for my state taxes for 2020. This year it will be different because I did a cash out refinance on my primary so I can itemize, except my mortgage interest is not deductible under primary residence It’s deductible as investment interest expense which isn’t as good as if I were able to deduct it as a mortgage interest to spend on my primary but still it makes now sense for me to itemize my deductions for federal this year.how to use the cash out refinance to buy a new rental property right away I could have used the mortgage interest as expense for the new rental property even though the mortgage is taken out on the primary as a cash out refinance oh well