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ann98713
New Member

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?


1 Best answer

Accepted Solutions
TomK
Expert Alumni

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]

View solution in original post

4 Replies
TomK
Expert Alumni

Is the $10K limit on property tax deduction per property or per person?

Are you referring to your 2017 tax return?
ann98713
New Member

Is the $10K limit on property tax deduction per property or per person?

Yes, I am referring to my 2017 tax return.
TomK
Expert Alumni

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]

TomK
Expert Alumni

Is the $10K limit on property tax deduction per property or per person?

Please see updated answer.
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