Senate Passes Sweeping Republican Tax Overhaul Bill

[Irving]

That's not the way it was explained when we bought. They intimated that it's a separate thing from itemizing. Had I known it's not, I would not have purchased. I have no reason to itemize that I'm aware of...

With a standard deduction, it's not like there's a refund of the difference between owed and the full amount, right? So I don't see how this is in any way beneficial to me.

If you weren't itemizing before, then you weren't writing off your mortgage interest anyway. You just went from a $12,000 standard deduction for a married couple, to a $24,000 standard deduction for a married couple. You just benefited $12,000. If you were itemizing to write off your mortgage interest, then it was probably over $12,000, but way less than $24,000. So, just like below, feels bad, but still better. I called my accountant to specifically ask your question.

It feels like I'm getting screwed because I'm not benefiting from my mortgage interest, but I'm still coming out ahead.