MY understanding is investment rental properties are not affected by the
new tax bill recently signed into law.
The $ 10,000 property tax limit is off of schedules C and E;
and thus does not apply. Schedule E was not affected by new tax bill.
The $ 10,000 limit is for personal/residential property (where YOU live)
ie non-rented and is found on Schedule A.
You might think of your residential property/home as an 'investment';
but that is not what the IRS means.
As for your question about interest on a property loan/home mortgage,
the same applies, I believe. Also, the interest limit is a $ 750,000 of paid interest per year.
In other words: If you pay more than $ 750,000 per year, you cannot deduct that extra amount.
In summary: I am not a tax preparer and you should double check
what I have written above !!!!
I DO have some experience as:
I have completed my own taxes every year with Turbo Tax
since year 2000. I own rental property and personal homes.
Good Luck.
