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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.
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Answered in 1 minute by:
12/22/2017
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,402
Experience: 15years with H & R Block. Divisional leader, Instructor
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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.

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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.

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Customer reply replied 8 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: 18,402
Experience: 15years with H & R Block. Divisional leader, Instructor
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