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Tax not deducted
why am I not getting full deduction for property tax? Can't be AMT because I am still getting deductions when I add charitable contributions?
April 18, 2018
10:02 PM
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Get your taxes done using TurboTax
For 2018 taxes, it could very well be the $10,000 State and local tax limit (SALT) that was placed on your tax Deductions by congress.
That SALT limit includes any "income" taxes paid to your state/city/county, PLUS any property taxes you paid. So you may have been close to the limit when you entered your W-2 forms, (and maybe quarterly estimated taxes if you paid those too), and by the time you got to your property taxes, only a portion of them was used before you hit the $10,000 allowed limit.
____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
August 14, 2019
1:29 PM
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