Real Estate News & Current Events
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated over 4 years ago,
Investment property and $10,000 cap on state/local tax deductions
I live in California.
I have a primary residence where I am paying $8000/year in property tax.
I have 2 rental properties, for each of them I am paying $6000 in property tax. Total $12,000.
As per the new guidelines, $10,000 cap on state/local tax -- does this cap apply on investment properties receiving rental income?
Meaning, am I able to deduct all $20,000 (8k + 12k) from my taxes ? Or does the $10,000 apply to my situation?
====
This $10K cap does not apply to mortgage interest, correct?
Also, want to confirm that HOA dues are tax deductible (on rental property)?
thank you !