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My rental property state tax is making me take standard deduction - why?
I entered the state income tax for my rental properties in TT.
Then when I enter the state tax on my own house, it tells me "you've maxed out the federal $10,000 for itemized state and local taxes." And that my home's property tax doesn't count because my best tax break is the $24400 standard deduction.
Why is this happening? I thought the new $10,000 limitation on the state and local tax deduction does not apply to taxes you deduct on a business return. My deductions on Schedules C, E, and F should be safe.
‎February 8, 2020
2:39 PM