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]

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???

[JulieR · Accepted solution]

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.

[JulieR]

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

[Zbucklyo]

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