Question

Difference between Fed and State real estate numbers

Forum|Forum|5 years ago
February 28, 2021
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My state Real Estate Taxes in the state taxes section does not match the Real Estate Taxes in the Federal Taxes section. Specifically the federal section has Real Estate Taxes of $6645 for primary residence and $1,776 for secondary residence. The State Taxes section is showing Real Estate Taxes of $2,448. I moved from VA to MO and so have to identify the Virginia portion of the identified Federal Total of $2,448. I have no idea where the $2,448 is coming from.

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G

gloriah5200

The tax section of the Schedule A is limited to $10,000 this year for most taxpayers.

Depending on the other taxes listed in that section, the real estate taxes could be limited and only able to deduct $2448 on the federal Sch A which is carrying to your state return.

Verify the total taxes on the federal Sch A and compare to the state taxes section after the state taxes are removed and see what is left.

Refer to the following link for additional information:

IRS Instructions for Form 1040 Schedule A