I have two homes, a primary home which has a home office occupying 25% of the home, and a secondary home with no home office. I paid the following property taxes on these homes:
Primary Home: $4087
Secondary Home: $3911
In the Deductions and Credits Summary page where TurboTax is showing "Your tax breaks", it calculates my total property tax for itemized deduction for 2024 as $6800. I think it should be $6976 based on the following calculation:
Primary Home Property Tax: $4087
Less 25% of this allocated to home office: $1022
Net Primary Home Property Tax: $3065
Add Secondary Home Property Tax: $3911
Total Property Tax for Itemized Deduction: $6976
Why is TurboTax showing only $6800 in this summary page? Is it because I have currently selected Standard Deduction, not itemized, for my tax return, and there is some calculation detail that I'm unaware of when Standard Deduction is selected? Or is it due to an error in TurboTax's calculation? Note, in my 2023 tax return, this calculation was working the way I expected.
Thanks in advance! 🙂
You might switch to Itemized Deductions and compare the outcome for property taxes. Since you're claiming the Standard Deduction, the Deductions Summary page may not be displaying all your entries.
See instructions here: How do I change from the standard deduction to itemized (or vice-versa)?
You might switch to Itemized Deductions and compare the outcome for property taxes. Since you're claiming the Standard Deduction, the Deductions Summary page may not be displaying all your entries.
See instructions here: How do I change from the standard deduction to itemized (or vice-versa)?
Thank you so much, Patricia! That makes sense. 👍
I guess it's not a big deal, as I looked at the preview of my 1040 and the calculations are fine. Nothing to worry about, just curious, so I'll leave it alone. Although it would be great if TurboTax could fix it if it's indeed a bug. 😊