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Ask the Experts All About the W-4! >> Event happening TOMORROW!
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weque2525
Returning Member

Will we pay more taxes this year? Our 2018 income of $500k and expense of mortgage, real estate taxes and state taxes total about $100,000 about same as last year.

 
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1 Reply
Rachel_W
Expert Alumni

Will we pay more taxes this year? Our 2018 income of $500k and expense of mortgage, real estate taxes and state taxes total about $100,000 about same as last year.

There have been a lot of new tax law changes this year due to the Tax Cuts and Jobs Act (TCJA) that was signed into law in December of 2017.

One change that I think will affect you has to do with the new SALT limitation.  Beginning in 2018, the combination of State, Local, Property, and Sales Tax (SALT) deducted on your Schedule A is now limited to $10,000.

For more information on this new limitation as well as other changes that may have an effect on your return, check out this TurboTax FAQ: How Will New Tax Legislation Affect My 2018 Tax Return?


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