I have second property ,still fixing the last 3 years ,not yet renting out . Can I claim loss income and property tax deduction ?

[KarenJ · Accepted solution]

You cannot claim a loss on income you never received however you can claim property taxes as an itemized deduction.

Please note that the new tax plan sets a new $10,000 limit on deductions for property and state and local income taxes. The three taxes have a single combined limit, so taxpayers in income tax states could lose all or part of their property tax deduction even if their property taxes are below $10,000. This limit goes into effect for 2018 taxes filed in April 2019.

[hy-nguyen]

Thanks for the answer . but why my TBtax software said my deduction stop at 5,000.00 and advice me to take standard ded. instead of itemize ded. ?

[KarenJ]

I forgot to add that the deductible amount is $5,000 for married filing separately and $10,000 for all other filers.  I apologize for the oversight.