TAXES
01.Core Concepts
• Deductions of up to $40,400 (in 2026) for the aggregate of: • State and local property taxes • State and local income taxes • or sales taxes in lieu of income taxes • In 2026, the $40,400 limit is reduced by 30% of the amount by which MAGI exceeds $505,000. • Non-deductible • Foreign property taxes (in 2018-2025, and beyond under OBBBA) • Prepayments of state or local income taxes