Can I Deduct My Property Taxes In 2018?

Yes, property taxes you pay in 2018 and future years will remain deductible.

The only exception is that beginning with tax year 2018; you can only deduct the first $10,000 of your combined property and state income taxes if they exceed that amount.

What is the maximum property tax deduction for 2018?

They’re set at these figures for the 2018 tax year: $12,000 for single taxpayers and married taxpayers filing separate returns. $24,000 for married taxpayers filing jointly and qualifying widow(ers) $18,000 for those who qualify to file as head of household.

Are property taxes deductible in 2019?

For the 2019 tax season, there’s a new limit: You may deduct up to $10,000 ($5,000 if married filing separately) for a combination of property taxes and either state and local income taxes or sales taxes. You might be able to deduct property and real estate taxes you pay on your: Primary home.

How much of your property taxes are tax deductible?

You can deduct annual real estate taxes based on the assessed value of your property by your city or state. Beginning in 2018, the total amount of state and local taxes, including property taxes, that you can deduct is limited to $10,000 per year.

What can I deduct on my taxes 2018?

Although many itemized deductions have been suspended going into the 2018 tax year, the standard deduction has increased. It’s now $24,000 for married couples filing jointly and for qualified widows and widowers. For single filers and married couples filing separately, the deduction is now $12,000.