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New tax rules Taxpayer owns several rental properties. Does…

New tax rulesTaxpayer owns several...
New tax rulesTaxpayer owns several rental properties. Does the $10K tax limit apply to the real estate property tax associated with each rental property? Or is it just for schedule A state and local taxes?
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Answered in 5 minutes by:
12/27/2017
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,518
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Hi. Property taxes are a rental expense on schedule E ... a passive loss. THE only limitation is the passive income, with the rest suspended (and potentially an additional 25000 if the income is low enough) ... as it has always been.

...

The real property tax deduction that was taken away, as you've noted, is the PERSONAL itemized deduction.

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Its the state and local taxes (including property taxes) on schedule A that are limited to the 10,000.

...

Taxpayers can deduct up to $10,000 in state and local taxes. They must choose between property taxes, and income or sales taxes.

...

(You can usually prepay property taxes, by the way, but not state income taxes.)

Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,518
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Lane and 87 other Tax Specialists are ready to help you
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Thanks much!

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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
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