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Deductions & credits
The TCJA limits the state and local tax deduction to $10,000 ($5,000 if married filing separately). This deduction limitation is applied to the combined state/local income taxes or general sales taxes, real estate taxes, and personal property taxes. The limitation does not apply to foreign income taxes and other taxes.
How Tax Reform Affects the State and Local Tax Deduction
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March 5, 2021
6:28 PM