Standard Deduction versus Itemized Deductions Under the Tax Cut & Jobs Act: Taxpayers can either itemize deductions or take the standard deduction. For 2018, the standard deduction has increased, while certain itemized deductions have been eliminated. As a result of the Tax Cut & Jobs Act recently signed into law in 2017, 90% of all taxpayers will likely use the standard deduction and, therefore receive no tax benefit for itemized deductions such as the home mortgage interest deduction.
Lipman, Francine J., "Tax Talk Tuesdays: Standard Deduction versus Itemized Deductions under the Tax Cut & Jobs Act (Sept. 11, 2018)" (2018). Tax Talk Tuesdays Radio Broadcasts. 7.