@markkaye_96 wrote:
is there a way to overcome Turbo's SALT cap of $5K when filing married but separate (in context of this thread discussion - one spouse pays all, separate finances, separate property ownership, etc)? I want the full $10K SALT cap but TT is not allowing me. thanks
It is Not the TurboTax SALT cap. It is the cap that is written in the Internal Revenue Code of the United States.
Go to IRS Schedule A to review the instructions for Schedule A - https://www.irs.gov/pub/irs-pdf/i1040sca.pdf
The deduction for state and local taxes is generally limited to $10,000 ($5,000 if married filing separately).
If your filing status is married filing separately, both you and your spouse elect to deduct sales taxes, and your spouse elects to use the optional sales tax tables, you also must use the tables to figure your state and local general sales tax deduction
Limit on loans taken out on or before December 15, 2017. For qualifying debt taken out on or before December 15, 2017, you can only deduct home mortgage interest on up to $1,000,000 ($500,000 if you are married filing separately) of that debt.
Limit on loans taken out after December 15, 2017. For qualifying debt taken out after December 15, 2017, you can only deduct home mortgage interest on up to $750,000 ($375,000 if you are married filing separately) of that debt.
You can't deduct your mortgage insurance premiums if the amount on Form 1040 or 1040-SR, line 11, is more than $109,000 ($54,500 if married filing separately).
