topic Two families own a home together. Can both families claim the real estate taxes of $23167 and both qualify for the tax cap of $10000 each?? in Deductions & credits

Two families own a home together. Can both families claim the real estate taxes of $23167 and both qualify for the tax cap of $10000 each??

joymar25 — Sat, 01 Jun 2019 20:14:44 GMT

My daughter and I both own our home. Our real estate taxes are $23167 for the year. We both split the taxes.

Is it possible that we can both claim the amount on our individual 1040 forms and both be limited to the $10000 cap each? The tax statement is in both our names with my SSN on it as primary.

Their accountant told them that this was legal. I am using Turbo Tax as I have done for years and can't seem to get an answer. I cannot even understand why the amount I am listing is not coming up as me having the 1098 form???

Yes. If you jointly own the property and each pay half of...

JulieR — Sat, 01 Jun 2019 20:14:45 GMT

Yes. If you jointly own the property and each pay half of the taxes, you can each claim them on your individual returns on Schedule A. Due to Tax Reform, there is a cap of $10,000 that applies to taxes deducted on Schedule A. You'll each be subject to that cap.

I am unclear as to what you mean in the last sentence of...

JulieR — Sat, 01 Jun 2019 20:14:47 GMT

I am unclear as to what you mean in the last sentence of your question regarding the 1098 form. Please clarify.

You both cannot claim $23,167. You can, however, split i...

Zbucklyo — Sat, 01 Jun 2019 20:14:49 GMT

You both cannot claim $23,167. You can, however, split it evenly, and get capped out at $10,000 each.