The National Directory of Certified Public Accountants

Ask A CPA - 2018 Tax Law Changes

*2018-Itemized Deductions-$10,000 State Property & Income Tax Limitation

The combination of residential property taxes and Income or sales taxes is capped at $10,000. Property taxes remain fully deductible for taxpayers in a business or for-profit activity, so taxes paid on rental realty can be taken in full on Schedule E.

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