The statement that the Tax Cuts and Jobs Act (TCJA) of 2017 limited the deduction for real estate taxes and other state and local taxes (SALT) on the schedule a. for 2021, the limitation for the deductibility of these taxes in total is $10,000 ($5,000 for mfs) is true. (Option A)
The Tax Cuts and Jobs Act (TCJA) of 2017 is the act that modified the deductions, depreciation, expenses, tax credits and other tax items that affect individuals and businesses. It is a congressional revenue act of the United States originally introduced in Congress as an amendment of the Internal Revenue Code of 1986. The act capped the deduction for real estate taxes, along with other state and local taxes at $10,000 ($5,000 if married filing separately). Previously, there was no limit on the deduction.
Note: The question is incomplete as it is missing options which are A) True. B) False
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