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Deductions & credits
No. It is not based on income. It might be that your deductions for taxes has exceed the $10,000.00 limit. You can deduct up to $10,000 (or $5,000 if married filing separately) of state and local taxes, including personal property taxes.
If the sum total of all of the taxes mentioned above exceeds $10,000.00 then there is a limit of $10,000.00 deductible.
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March 17, 2022
1:07 PM