Property tax deduction limitation
Is the $10K limit on property tax deduction cumulative for all property owned by taxpayer? Or is it limited to principal residence?
Is the $10K limit on property tax deduction cumulative for all property owned by taxpayer? Or is it limited to principal residence?
Permalink Submitted by Alan - IRA critic on Fri, 2018-09-07 19:33
It is cumulative for taxes claimed as itemized deductions on Sch A. That would include a primary and vacation homes or vacant land held for personal purposes. Taxes on investment or farm property are not limited since they are deducted on Sch E or F, not on Sch A.