topic We paid Taxes on 2 Houses, the one we sold and the one we bought in Get your taxes done using TurboTax

We paid Taxes on 2 Houses, the one we sold and the one we bought

sonjabuddycindy1 — Mon, 15 Mar 2021 19:44:56 GMT

can we deduct the taxes

Re: We paid Taxes on 2 Houses, the one we sold and the one we bought

ColeenD3 — Mon, 15 Mar 2021 20:02:05 GMT

Do you mean real estate taxes? Yes. Both are deductible on Schedule A.

If you're a homeowner, your property taxes are entered in the Deductions & Credits section:

Sign in and open your return if you're not already in it.
Inside TurboTax, search for property tax and select the Jump to link at the top of your search results.
Answer Yes to the question Did you pay property or real estate taxes in 2020?
Enter your property/real estate taxes on the next screen.

Re: We paid Taxes on 2 Houses, the one we sold and the one we bought

Mike9241 — Mon, 15 Mar 2021 20:03:40 GMT

assuming you're referring to your personal residences, sure you can. be aware that the deduction for all forms of state taxes is limited to $10,000 and your itemized deductions must exceed your standard deduction.

for rentals yes you can and there are no $ limits