With the new tax laws, will I be able to deduct 2017 taxes paid in 2018 on my taxes due in 2019?
The standard deduction will increase to $12,000 for single and $24,000 for married filing joint, so some that could itemize in 2017 may not be able to itemize in 2018 as you must exceed the standard deduction to be able to itemize.
Your property taxes paid in 2018 up to $10,000 will be allowed as an itemized deduction.
Don't worry as TurboTax will help you with these changes.
With the new tax laws, will I be able to deduct 2017 taxes paid in 2018 on my taxes due in 2019?
In 2018 IRS is going to cap state and local taxes paid to $10,000 so if your state and local (property taxes) don't exceed the 10k limit, you will get the deduction for tall of it.
With the new tax laws, will I be able to deduct 2017 taxes paid in 2018 on my taxes due in 2019?
The standard deduction will increase to $12,000 for single and $24,000 for married filing joint, so some that could itemize in 2017 may not be able to itemize in 2018 as you must exceed the standard deduction to be able to itemize.
Your property taxes paid in 2018 up to $10,000 will be allowed as an itemized deduction.
Don't worry as TurboTax will help you with these changes.
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