Personal exemptions for family members and dependents are no longer available. This may increase your taxable income.
Miscellaneous itemized deductions, which offset income to the extent they exceeded 2% of adjusted gross income, are no longer available. These now prohibited deductions include tax return preparation fees, investment advisory fees, job hunting expenses, the cost of a safe deposit box, and casualty losses (unless associated with a Presidentially declared disaster zone). The inability to utilize these deductions may increase your income.
The deduction for state and local taxes, including your state income tax and property tax, are now capped at $10,000. For those who pay property tax and live in a state with an income tax, this may significantly reduce your itemized deductions.
Mortgage interest from a new loan secured by a principal residence is now deductible only for the first $750,000 of loan value. The prior limit was $1 million, and loans taken out prior to 2018 are grandfathered. This could reduce deductible mortgage interest for some individuals.
The interest on a home equity loan or line of credit is no longer deductible, unless it is used for improvements to your principal home. Under prior law, such interest was deductible on up to $100,000 of loan value for any use. The $100,000 cap continues to apply for purposes of the available deduction for home improvements.
The above limits all serve to increase your total taxable income amount. However, depending on your individual circumstances, the lower tax rates, increased standard deduction, reduced application of the AMT, and increased child tax credit may provide a greater overall tax benefit for you.