Mortgage Interest:TCJA limits themortgage interestdeduction for married couples filing jointly to $750,000 worth of debt. The change expires after 2025.16 Pease Limitation:The law repealed the Pease limitation onitemized deductionsand gradually reduced their value when adjusted gross income exceeds a ce...
State and Local Taxes The $10,000 state and local tax deduction includes income taxes as well as property taxes, orsales taxes. You can deduct income and property taxes or sales taxes that you paid during the tax year, but you can't do both. The limit applies to all these taxes when...
Mortgage Interest:TCJA limits themortgage interestdeduction for married couples filing jointly to $750,000 worth of debt. The change expires after 2025.16 Pease Limitation:The law repealed the Pease limitation onitemized deductionsand gradually reduced their value when adjusted gross income exceeds a ce...