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IMPORTANT State Tax Deduction CAP – Tax Cut Reform

Due to the 2018 Tax Cut Reform, there is now a cap of 10k for any/all state income tax and property taxes beginning 2018, you will want to pay all, if not, as much as you can of your 2017 estimated

Rental Income

A security deposit is no considered income if you plan to return it to the tenant. If you keep part or all of the deposit, it must be included in your income that year.