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blussier
New Member

I’m selling a second home that is not used as a rental in the tax year 2018. Can I deduct the Colorado state taxes paid on this sale on my federal return for 2018?

I am a Colorado resident
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HelenaC
New Member

I’m selling a second home that is not used as a rental in the tax year 2018. Can I deduct the Colorado state taxes paid on this sale on my federal return for 2018?

It depends if Tax Reform gets passed by Congress.The bill limits the amount of state and local property, income, and sales taxes that can be deducted to $10,000. In the past, these taxes have generally been fully tax deductible. 

For additional information about the Tax Reform bill, click on 2017 Tax Reform Legislation: What You Should Know - TurboTax - Intuit  https://turbotax.intuit.com/tax-tips/irs-tax-return/2017-tax-reform-legislation-what-you-should-know...

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2 Replies
HelenaC
New Member

I’m selling a second home that is not used as a rental in the tax year 2018. Can I deduct the Colorado state taxes paid on this sale on my federal return for 2018?

URL added for 2017 Tax Reform Legislation
HelenaC
New Member

I’m selling a second home that is not used as a rental in the tax year 2018. Can I deduct the Colorado state taxes paid on this sale on my federal return for 2018?

It depends if Tax Reform gets passed by Congress.The bill limits the amount of state and local property, income, and sales taxes that can be deducted to $10,000. In the past, these taxes have generally been fully tax deductible. 

For additional information about the Tax Reform bill, click on 2017 Tax Reform Legislation: What You Should Know - TurboTax - Intuit  https://turbotax.intuit.com/tax-tips/irs-tax-return/2017-tax-reform-legislation-what-you-should-know...

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