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cetusaur
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Will interest deduction and property tax on Schedule C and E properties in 2018 remain?

 
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1 Reply

Will interest deduction and property tax on Schedule C and E properties in 2018 remain?

MY understanding is investment rental properties are not affected by the

new tax bill recently signed into law. 

The $ 10,000 property tax limit is off of schedules C and E;

and thus does not apply. Schedule E was not affected by new tax bill.

The $ 10,000 limit is for personal/residential property (where YOU live)

ie non-rented and is found on Schedule A.

You might think of your residential property/home as an 'investment';

but that is not what the IRS means.

As for your question about interest on a property loan/home mortgage,

the same applies, I believe.  Also, the interest limit is a $ 750,000 of paid interest per year.

In other words: If you pay more than $ 750,000 per year, you cannot deduct that extra amount.

In summary:  I am not a tax preparer and you should double check

what I have written above !!!! 

I DO have some experience as:

I have completed my own taxes every year with Turbo Tax

since year 2000.  I own rental property and personal homes. 


Good Luck.

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