FIRE'd@51
Thinks s/he gets paid by the post
- Joined
- Aug 28, 2006
- Messages
- 2,433
You are correct that the 10K includes both property taxes and income taxes. The House bill had limited it to just property taxes. BTW, I assume that the car tax can be included as well since it is a personal property tax based on value.From what I remember after having read parts of the bill (a week ago) , the $10,000 tax deduction limit includes taxes paid such as property AND state income taxes. If this is correct, then I was always over the limit since I was able to deduct my state taxes paid on my Federal Return.
Am I reading this correctly or did the deduction for deducting state taxes as part of this bucket go away?