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The recent implementation of TCJA Act of 2017 limits the deductions for state and local...

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Accounting

The recent implementation of TCJA Act of 2017 limits the deductions for state and local taxes, which includes property taxes and sales taxes, to a maximum amount of $10,000 each year.

Is the IRS taking drastic steps towards curbing home ownership? Does this place a disproportionate burden on taxpayers residing in states with higher market values on residential property?

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