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Level 2
February 4, 2024
Question

I own a house and pay the property taxes but I don't live in that state nor do I rent it out (MN). My primary residence is another state where I don't have to pay rent or a mortgage (NJ).

  • February 4, 2024
  • 1 reply
  • 8 views

My mortgage is paid off.  But can I I deduct property taxes? How does it work on state returns?  When filling out information in TurboTax , it wants to add it to the NJ return though property is in MN.  What state returns should I be filling out?

1 reply

Mike9241
Level 15
Level 15
February 4, 2024

yes you can deduct the taxes if it is your second home (third homes are not allowed) however two points 1) taxes on schedule A are limited to $10,000 1/2 that if married filing separately. 2) your itemized deductions must exceed your standard deduction to be of any benefit. 

Mike9241
Level 2
February 4, 2024

Thank you.  I'm a single filer and I don't have itemized deductions that are more than the standard deductions.