Turbo tax software will not accept my tax reduction? What should I do?

[mafinnance]

I need Turbo Tax to accept  my property tax expense up to $10,000? 
i have two properties what to do?

[NCperson]

don't  you have state and local taxes ?  that is part of the $10,000

by two properties, I assume one is your residence and one is a 2nd home (ie. neither are investment property)

[VolvoGirl]

There is now a limit on deducting Property Tax and state taxes (SALT).  For 2018-2025 this deduction is part of several taxes where the aggregate deduction is capped at $10,000 ($5,000 if married filing separately) for the sum of these taxes:

1 Property taxes (real estate taxes + personal property taxes)

2 State and local income tax, OR Sales tax.

But also the Standard Deduction has doubled so to get any benefit of an itemized deduction at all, your total itemized deductions must exceed the standard deduction so many taxpayers will not be able to itemize.  In other words if you cap out the property tax/state tax/sales tax at $10,000, you still need $14,000 of other itemized deductions (if married filing jointly) before there would be any benefit.

For 2021 the standard deduction amounts are:

Single 12,550 + 1,700 for 65 and over or blind (14,250)

HOH 18,800 + 1,700 for 65 and over or blind

Joint 25,100 + 1,350 for each 65 and over or blind

Married filing Separate 12,550 + 1,350 for 65 and over or blind

[SweetieJean]

Please contact your TT Live rep.