If I own my house and 2 rentals, are the taxes for all 3 included in the $10K limit, or is there a place on schedule E to count them as rental expenses?
My personal residence taxes are less than $10,000 but the property tax on the 2 rentals takes me over the $10,000 limit. Turbo Tax shows the Property tax capped at $10,000. Schedule E is is not yet available for 2020.
02885
1 Best answer
DoninGA
Level 15
Dec 3, 2020 6:48:45 AM
When the 2020 Schedule E becomes available you enter the rental property taxes paid on the Schedule E, not on the Schedule A.
The 10K limit for State, local, property, and sales tax (SALT) deduction is for personal itemized expenses.
2 Replies
DoninGA
Level 15
Dec 3, 2020 6:48:45 AM
When the 2020 Schedule E becomes available you enter the rental property taxes paid on the Schedule E, not on the Schedule A.
The 10K limit for State, local, property, and sales tax (SALT) deduction is for personal itemized expenses.