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Tax Expense Limitations. R lives in beautiful condominium in the heart of New York city. During 2...


Tax Expense Limitations. R lives in beautiful condominium in the heart of New York city. During 2018, he paid $15,000 in prop
Tax Expense Limitations. R lives in beautiful condominium in the heart of New York city. During 2018, he paid $15,000 in property taxes and another $8,000 in income taxes. Assuming R itemizes his deductions, what is his deduction for state and local taxes for 2018?
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For 2018, State and Local Tax Deduction is capped at $10,000. So, one can deduct upto $10,000 in property and income tax or sales tax on Schedule A.

R.s total property and income Taxes is $23,000. R itemizes his deductions. So, his State and Local Tax Deduction is limited to $10,000.

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