Closet_Gamer
Thinks s/he gets paid by the post
Just curious the location?
North Carolina
Just curious the location?
North Carolina
...
Could you even deduct the mortgage/HELOC interest cost ?
Assuming a 6% interest rate on $200K , would be ~$12,000 per year. You would need a bunch more in itemized expenses to match the standard deduction of $29,000
Maybe none of it is really deductible. ?
Yeah, but what are the chances of a simple sunset? Not high IMO; they will maybe allow some pieces to sunset but mess with and extend others. Predicting is nearly futile.If he's depending on the TCJA provisions being allowed to sunset so he can deduct HELOC interest, that would also apply to the rest of the TCJA too. Standard deductions should go back to around $15K for a married couple or about half that for a single. The $10K SALT limit would also disappear, and he'll have property tax on two homes plus state income tax in NC. That should be enough to itemize, and any charitable contributions or misc deductions over the 2% floor or medical over 7.5% would also help.