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Level 4

1040 SCHEDULE A: State Deductible Capped at $10,000?

Last year  when I heard the news, I mistakenly thought the capped amount is for property tax only, now it turns out the capped amount including to income tax too?

 

I just realized that this change will affect me, since the total of my state income tax and property tax is more than $10,000 ?

 

Thanks.

2 Comments
Catalyst V

1040 SCHEDULE A: State Deductible Capped at $10,000?

It's almost like they want to cripple the amount of services a state provides to residents. You are correct SALT ,state and local taxes, includes state taxes paid as well as real estate.

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Employee Tax Expert

1040 SCHEDULE A: State Deductible Capped at $10,000?

You can review the tax reform topics in the link below, including state, local, property, and sales tax (SALT) deduction.

 

Tax Reform