Will we pay more taxes this year? Our 2018 income of $500k and expense of mortgage, real estate taxes and state taxes total about $100,000 about same as last year.

Forum|Forum|7 years ago
June 5, 2019
1 reply
4 views

No text available

TurboTax Deluxe Windows

RachelW33

Alumni - Expert

There have been a lot of new tax law changes this year due to the Tax Cuts and Jobs Act (TCJA) that was signed into law in December of 2017.

One change that I think will affect you has to do with the new SALT limitation. Beginning in 2018, the combination of State, Local, Property, and Sales Tax (SALT) deducted on your Schedule A is now limited to $10,000.

For more information on this new limitation as well as other changes that may have an effect on your return, check out this TurboTax FAQ: How Will New Tax Legislation Affect My 2018 Tax Return?

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"