i am in a partnership (pass-through entity) that pays real estate (property) taxes. i used to just deduct my share of the property taxes, reported on the k-1, as part of schedule A. with the new 10k limit, the additional property taxes from the partnership are effectively no longer deductible in this manner. is there a different treatment either on my return, or my partnership's return that would recover this deduction?
No, there is not another way to report the deduction of property taxes paid to circumvent the $10,000 limitation.
Since the property taxes are being transferred to your personal return through a pass-through entity, the partnership itself cannot deduct the property taxes. Your share is still reported on your personal return in the same manner as always except for the limitation that is applied.
No, there is not another way to report the deduction of property taxes paid to circumvent the $10,000 limitation.
Since the property taxes are being transferred to your personal return through a pass-through entity, the partnership itself cannot deduct the property taxes. Your share is still reported on your personal return in the same manner as always except for the limitation that is applied.