According to the irs:
the standard deduction rises to $12,950 for 2022
You have to see if your itemized deductions exceed the $12,950.
Most people when they itemize use the following things:
- State Income tax
- Property tax
- Mortgage Interest
- Charitable contributions.
The big issue is that congress limited the SALT (State and Local Tax) to $10,000. That means the combination of those first two lines is limited to $10,000 total.
based on your question:
For a single Californian with 190k/yr income:
itemize 8k property tax and 20k mortgage interest.
The amount you will itemize is $30,000 plus how much you make in charitable contributions. That will mean that you will be able to deduct at least $17,050 more than the standard deduction.
The other thing to consider is your marginal tax rate. I am assuming that the $190K/year is your gross pay. It is also likely that your taxable income is below this due to paying for health insurance, and contributions to a 401(k).
here is the key numbers for a single taxpayer in your income level:
24% $89,075 to $170,050
32% $170,050 to $215,950
So the marginal tax rate is either 24% or 32% or could be split between them.
That means your savings could be $4,092 to $5,456.
Keep in mind that if you buy during the middle of the tax year, the numbers the first year will be partial, and it is possible that you won't itemize the first year.