Ok, my additional research shows me this is indeed limited and the SALT Deduction Cap is relevant. The IRS has issued an Information Letter confirming that this limitation applies.
IRS Issues Information Letter on SALT Deduction Cap’s Application to Co-Op
The IRS, in Information Letter #2020-0010, held that the SALT limitation under Section 164(b)(6) applies to the deduction taken into account by a tenant-stockholder under Section 216 for the tenant-stockholder’s proportionate share of the real estate taxes paid or incurred by a cooperative housing corporation.
Additional sources referenced:
IRS Letter to Congressional Office Indicates that $10,000 Cap Applies to Deduction of Real Estate Ta...
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