itemized deductions: Reminder that deduction for real estate taxes are now limited
- 01/08/19 10:31 AM
The Tax Cuts and Jobs Act (TCJA) limited the amount of state and local taxes individuals can deduct in a calendar year to $10,000, or $5,000 if married filing separately. This applies to income, real estate, and sales taxes. There may be some tax planning possibilities for timing when these taxes are paid, but these are tricky and should be done after careful research or by talking with your tax advisor. The standard deduction is now: $24,000 for married filing jointly and qualified widow(er), $18,000 for heads of household, and $12,000 for single filers and married filing separately. However, personal exemptions … (2 comments)
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Tom Rex
Tax Problem Resolution (IRS, States, US Tax Court)
The Tax Cuts and Jobs Act (TCJA) limited the amount of state and local taxes individuals can deduct in a calendar year to $10,000, or $5,000 if married filing separately. This applies to income, real estate, and sales taxes. 
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