Write any two benefits of 10K - dhalt in respect of enterining distrib

1.	Write any two benefits of 10K - dhalt in respect of enterining distributes ?
Answer» Answer: The SALT deduction allows you to DEDUCT up to $10,000 of your state and local property TAXES in addition to state income or state SALES tax – not both. The combination you choose to deduct will depend on your specific circumstances and what benefits you most. Note: If you use part of your home for business, you can still deduct property tax on your business RETURN on top of the $10,000 limit for personal use. LEARN more about self-employed taxes here. Foreign property tax is not included in the SALT deduction. After tax reform, you are no longer able to deduct foreign real estate taxes.

Write any two benefits of 10K - dhalt in respect of enterining distributes ?

Answer»

Answer:

The SALT deduction allows you to DEDUCT up to $10,000 of your state and local property TAXES in addition to state income or state SALES tax – not both. The combination you choose to deduct will depend on your specific circumstances and what benefits you most.

Note: If you use part of your home for business, you can still deduct property tax on your business RETURN on top of the $10,000 limit for personal use. LEARN more about self-employed taxes here.

Foreign property tax is not included in the SALT deduction. After tax reform, you are no longer able to deduct foreign real estate taxes.

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