Who is Itemizing taxes?

[Rick Barbato]

Can anyone tell me if itemizing investment property expenses makes a difference now with the new tax reform?

I claim my wife and two kids. I have two duplexes and understand it that if I spend less then 24k in expenses for my investment properties, then it is not worth itemizing anything because it’s less then the standard deductible.

Can anyone tell me if I’m wasting my time or not?

[Daniel Hyman]

Is it possible that you are confusing the expenses on Schedule E with the expenses on Schedule A? 

Itemized deductions on schedule A are personal deductions (eg: mortgage interest, property tax for personal home). Those are somewhat less common now for the average taxpayer since the standard deduction for MFJ was raised to 24K. 

Expenses on Schedule E are business deductions (eg: mortgage interest and property taxes for investment) and are just as valuable as before.