2018-Itemized deductions-$10,000 State Property & Income tax Limitation
Answer:
The combination of residential property taxes and Income or sales taxes is capped at $10,000.
Property taxes remain fully deductible for taxpayers in a business or for-profit activity, so taxes paid on rental realty can be taken in full on Schedule E.
Property taxes remain fully deductible for taxpayers in a business or for-profit activity, so taxes paid on rental realty can be taken in full on Schedule E.
