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The One Big Beautiful Bill Act brings changes for US homeowners, including a $750,000 mortgage interest deduction limit, mortgage insurance premiums deduction, and quadrupled SALT deduction. Many homeowners may benefit from itemizing this year due to these updates. Mortgage rates, SALT cap, and deductible premiums are key factors.

Mortgage insurance premiums, deductible from 2007 to 2021, were claimed by 4 million homeowners annually, averaging $1,454 per taxpayer. Since the Tax Cuts and Jobs Act in 2018, fewer taxpayers have itemized due to changes in deductions and mortgage eligibility. But with high mortgage rates, deductible premiums, and a boosted SALT cap, more homeowners may opt to itemize.

Financial planner Robert Persichitte notes that many clients who bought homes in the last two years are reconsidering itemization, especially with higher mortgage rates. The strategies that make sense vary depending on mortgage size and financial factors. Bynum suggests discussing options with tax providers, as boosted standard deductions also play a role. 1. The latest report from the CDC reveals a significant increase in COVID-19 cases across the country, with over 100,000 new cases reported in a single day. This surge has prompted health officials to urge the public to continue practicing safety measures to prevent further spread of the virus.

2. In economic news, the Dow Jones Industrial Average saw a sharp decline of 500 points today due to concerns over inflation and rising interest rates. Investors are closely monitoring the situation as they navigate through the volatile market conditions.

3. A new study published in a medical journal shows promising results for a potential COVID-19 vaccine, with an efficacy rate of 95% in preventing infection. Researchers are optimistic about the vaccine’s potential to help curb the spread of the virus and bring an end to the global pandemic.

Read more at Yahoo Finance: Have a mortgage? Trump’s tax law might give you new deductions.