Turtle43
Level 3
12-07-2019
04:31 AM
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I am looking for guidance in this area. So if a Schedule C has a loss, they can still potentially take the deduction on Business Use of Home (Form 8829).
If in Schedule A, State Income Tax is $8K, Property Tax is 4K with total of $12K and SALT limit is $10K. Then property tax cannot be taken in Form 8829? But if State Income Tax is $5K and Property Tax is $4K, total $9K, SALT limited no reached, then a portion of property tax can be deducted in Form 8829?
For Mortgage Interest, if a couple MFJ has over $750K new mortgage loan taken out after 12/15/17, they will not be able to take Mortgage Interest in Form 8829?
If in Schedule A, State Income Tax is $8K, Property Tax is 4K with total of $12K and SALT limit is $10K. Then property tax cannot be taken in Form 8829? But if State Income Tax is $5K and Property Tax is $4K, total $9K, SALT limited no reached, then a portion of property tax can be deducted in Form 8829?
For Mortgage Interest, if a couple MFJ has over $750K new mortgage loan taken out after 12/15/17, they will not be able to take Mortgage Interest in Form 8829?
