standard deduction or itemized deduction.

standrad deduction for 1 is $12000, a couple is $24000.

Itemized deduction,

up to $10000 of state and local taxes, plus

home mortgage interest deduciton for mortgage upto $750K. 

So let's say your mortgage is 750K (for a million dollar home in SF bay) on a 4% loan, that's 30,000 mortgage interest deduction. 

So at least you can deduct $40000 using itemized deduciton.