We are owning a second property, and together with the first property, the property taxes exceed the $10k limit for itemized deduction filing jointly, I would think this should scale up, but I keep getting "-$18k" in "State and local taxes greater than $10k" row in review summary.
I was dismayed that local sales taxes, state taxes and other taxes like vehicle registration fees are all placed in the same bucket limit of $10k. Is something I am missing here, maybe incorrect classification, or other error?
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There isn't an error- $10,000 is the state and local tax "SALT" maximum deduction currently (and through 2025). There is no increase for owning multiple properties, or any other reason.
See: Overall limit
There isn't an error- $10,000 is the state and local tax "SALT" maximum deduction currently (and through 2025). There is no increase for owning multiple properties, or any other reason.
See: Overall limit
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