Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

The 2018 tax law will allow homeowners to deduct property…

The 2018 tax law will...
The 2018 tax law will allow homeowners to deduct property taxes and either income or sales taxes with a combined limit on these deductions being limited to no more than $10,000.
What does this mean? what other income or sales taxes are deductible? can you give examples?
The property tax I understand, the income tax a person paid in for last years income, is not deductible if your property tax is over $10,000?
Looking at the new tax law, it does not add up to me how this benefitted middle class America, if they pay more than $10,000 in property taxes. doubling the standard deduction doesn't help if you 20k in property tax.
Show More
Show Less
Ask Your Own Tax Question
Answered in 1 minute by:
12/22/2017
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,810
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified

Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

Ask Your Own Tax Question

State and local income taxes (SALT) or state and local sales tax, plus real property taxes, may be deducted, but only up to a combined total limit of $10,000 ($5,000 if MFS). The taxes that were normally allowed have been capped at the $10,000 limit. That is the most someone can claim.

Not everyone will benefit greatly from the changes. Before this about 30% of taxpayers itemized deductions on Schedule A, instead of taking the standard deduction associated with their filing status.

The deduction for charitable contributions is expanded so that taxpayers may contribute up to 60% of their adjusted gross income, rather than up to 50%. Those that used to give more had to wait and carry forward their charitable gifts.

Please let me know if you need more information.
If not then please scroll up to see the STARS to rate so I am credited.

Ask Your Own Tax Question
Customer reply replied 4 months ago
If a person makes gross yearly salary of 100k in New York City. I looked up they pay, 5592 in state tax and 3869 in city tax for combined total of 9461. so if their property tax is 10,000 they could only additionally deduct $539?

Yes. If they itemize then the new law caps the amount for taxes that they can claim. $10000 total.

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,810
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified
Robin D. and 87 other Tax Specialists are ready to help you
Ask your own question now
Was this answer helpful?
Ask Robin D. Your Own Question
Robin D.
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,810
17,810 Satisfied Customers
Experience: 15years with H & R Block. Divisional leader, Instructor

Robin D. is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,495 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

17,810 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
Filed form 1040 form took the standard deduction, I am now
filed form 1040 form took the standard deduction, I am now filing the new york state, … read more
Lev
Lev
Retired
Bachelor\u0027s Degree Equivalent
26,971 satisfied customers
I have heard that a person cannot itemize deductions on
I have heard that a person cannot itemize deductions on their taxes for 2019? I am a widow (age 74) and have usually itemized. Please let me know if I will be unable to do this in 2019. The only Feder… read more
Bill
Bill
Master's Degree
2,278 satisfied customers
I am filing as a single with itemized deductions. If my
I am filing as a single with itemized deductions. If my income is $150,000, is my tax simply 28% of the total or does it get calculated as 18,713.75 plus 28% of the difference between 150,000 and 91,9… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,109 satisfied customers
I live in state and would like to take a sales tax deduction
I live in Washington state and would like to take a sales tax deduction (made a major purchase). My local sales tax is 10.10%. I paid 10.30% taxes on the boat in another town in state. I'm filing 1040… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,109 satisfied customers
Second opinion], I understand there is a standard deduction
Second opinion] Hi Richard, I understand there is a standard deduction of 10,300. I am a new business start up and don't know much. I think if I use this I am not allowed to use important itemized ded… read more
Lev
Lev
Retired
Bachelor\u0027s Degree Equivalent
26,971 satisfied customers
Is there a standard deduction for social security. My and my
Is there a standard deduction for social security. My and my wife's total ss was 44534.00. She has $1324.00 if other W2 earnings. I have some consulting fees that will not go on Form 1040. … read more
Cole Parker
Cole Parker
Principal/CPA
Bachelor\u0027s Degree
101 satisfied customers
Can I deduct the sales tax, registration fees on my schedule
Can I deduct the sales tax, registration fees on my schedule C is I use my truck for business and personal use? … read more
ABC Accounting Group
ABC Accounting Group
Bachelor\u0027s Degree
836 satisfied customers
Have always taken standard deduction in past, but lots of
Have always taken standard deduction in past, but lots of special circumstances this year. If I could please have list, and then know where to research any details after master list. … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,109 satisfied customers
I have a question on itemized deductions. I purchased a
I purchased a house in 2017 in New Mexico. My builder provider me with the gross receipt tax I paid as part of the purchase and want to know if it's tax deductible. … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,109 satisfied customers
Can I take mortgage interest and the standard deductions?
Can I take mortgage interest and the standard deductions? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
17,810 satisfied customers
What is the amount of Standard Deduction for Single tax
What is the amount of Standard Deduction for Single tax filer NJ … read more
Lev
Lev
Retired
Bachelor\u0027s Degree Equivalent
26,971 satisfied customers
My son has income less than standard deduction, but it shows
my son has income less than standard deduction, but it shows he owes taxes? … read more
Tax.appeal.168
Tax.appeal.168
Principal
13 satisfied customers
What is the Standard Deduction for 2017 taxes? My husband
What is the Standard Deduction for 2017 taxes? My husband and I are each over 75 years old, and have learned that we do not need to file is our non-Social Security income is less than the Standard Ded… read more
Gerald, Esq
Gerald, Esq
Juris Doctor
3,856 satisfied customers
To what extent is cataract surgery an itemized deduction.? I
To what extent is cataract surgery an itemized deduction.? I opted for the non-covered multi-focal lenses at a cost of $8,050. … read more
Carter McBride
Carter McBride
LLM
1,042 satisfied customers
In 2018 can I take the standard deduction (24000 file
In 2018 can I take the standard deduction (24000 file jointly) and take property taxes and morale interest. … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
Turbo tax suggested using standard deductions because of
turbo tax suggested using standard deductions because of lack of deductions (return of $1867). I reviewed my deductions and found two I missed, this increased my return to $2963. Some how the standard… read more
Fred Rook
Fred Rook
Corporate Controller
BSBA
128 satisfied customers
The standard deduction is 12,700 for married filing jointly
The standard deduction is 12,700 for married filing jointly why does the 1040 form say 4050? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,109 satisfied customers
Can I submit the federal taxes with an itemize deduction and
Can I submit the federal taxes with an itemize deduction and the state with a standard deduction form? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
17,810 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x