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?
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"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]
"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]
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