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Old 11-24-2020, 09:33 AM   #10
fatlazyless
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Ten thousand dollars is the limit for deducting your state and local taxes, i.e. property taxes, from your annual federal income tax. I always thought this would have a big effect on NH lake front homes as their property tax surpasses the $10,000-limit ($5000 if married filling seperately). It has been in effect since tax year 2017, which was due in 2018, so it is still relatively new to the scene.

Google 'IRS tax topic No. 503' to read all about it.
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