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State tax cap Archives – Ansari Law Firm

IRS Tax

State tax deduction 10k cap

State tax deduction 10k cap Under the new tax regulations, the state and local tax deduction is capped at 10k. What does that mean? Assume you paid $6,000.00 in property tax, $12,000.00 in State income tax, and you purchased a car and paid $2000.00 in tax in a given year.…
Ansari Law Firm
July 25, 2018