- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Is the $10K limit on property tax deduction per property or per person?
Is the $10K limit on property tax deduction per property or per person? I jointly own a house with a relative (other than a spouse) with property tax between $10K and $15K. We normally split the property tax deduction. Can we each continue to deduct an amount greater than $5K but less than $10K, or are we each limited to $5K?
Accepted Solutions
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Is the $10K limit on property tax deduction per property or per person?
"One key tax change that may impact taxpayers’ taxes in 2018 (those taxes filed in 2019) is that beginning with their 2018 taxes there’s a new $10,000 cap on the sum of state and local income, sales and/or property taxes they can deduct. Previously, there was no limit on these deductions."
There is no property tax limit on your 2017 taxes.
Please read this article for more information - https://blog.turbotax.intuit.com/tax-reform/tax-reform-2017-can-i-deduct-my-property-taxes-i-prepaid...
2017 Tax Reform Legislation: What You Should Know
[Edited 3/25/18 | 1:13pm]
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Is the $10K limit on property tax deduction per property or per person?
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Is the $10K limit on property tax deduction per property or per person?
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Is the $10K limit on property tax deduction per property or per person?
"One key tax change that may impact taxpayers’ taxes in 2018 (those taxes filed in 2019) is that beginning with their 2018 taxes there’s a new $10,000 cap on the sum of state and local income, sales and/or property taxes they can deduct. Previously, there was no limit on these deductions."
There is no property tax limit on your 2017 taxes.
Please read this article for more information - https://blog.turbotax.intuit.com/tax-reform/tax-reform-2017-can-i-deduct-my-property-taxes-i-prepaid...
2017 Tax Reform Legislation: What You Should Know
[Edited 3/25/18 | 1:13pm]
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Is the $10K limit on property tax deduction per property or per person?
Still have questions?
Or browse the Forums