With itemized deduction, which includes mortgage interest and some amount for property tax, car registration tax. Why turbo tax calculates it as $10000
With itemized deduction, which includes mortgage interest and some amount for property tax, car registration tax. Why turbo tax calculates it as $10000
Starting in 2018, the SALT deduction (which is either state/local income tax plus property tax OR sales tax plus property tax) is cappedat $5,000 for married couples filing separately and $10,000 for all other filers. Mortgage interest is not part of the SALT deduction. This TurboTax FAQ explains the limits on mortgage interest, if applicable.
Since SALT deductions are capping property tax and other taxes to $10,000 for married filing and if I added $3000 only for property tax, why I am getting full $10,000 credit here as part of itemized deduction.