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My mortgage is paid off. But can I I deduct property taxes? How does it work on state returns? When filling out information in TurboTax , it wants to add it to the NJ return though property is in MN. What state returns should I be filling out?
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yes you can deduct the taxes if it is your second home (third homes are not allowed) however two points 1) taxes on schedule A are limited to $10,000 1/2 that if married filing separately. 2) your itemized deductions must exceed your standard deduction to be of any benefit.
Thank you. I'm a single filer and I don't have itemized deductions that are more than the standard deductions.
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