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As per the new tax law, the property tax deductions of 10000…

As per the new tax...
As per the new tax law, the property tax deductions of 10000 is it per property or per tax payer per property?If both wife and husband file together can they claim 20000 towards one property or just 10000?
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Answered in 2 minutes by:
1/12/2018
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,395
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Hi. My name’s Lane …

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I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, to clients on three continents, since 1986.

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Bear with me a moment while I type up my response. Then if you have further questions we can go from there.

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SO sorry - it's 10,000 per return. (10,000 on a join return, 10,000 on a single return, 10,000 on a Head of Household return, etc)

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It's $5000 for Married Filing Separately.

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But $10,000 for all other filing statuses.

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Customer reply replied 5 months ago
Is it not per property?How would it be considered for investment propertiesCan we take the whole property tax as an expense so as mortgage interest paid?

The limitation is for personal Sate and Local taxes (including property tax) on the Schedule A.

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This does not apply to rental properties, where the taxes, interest, etc are all deducted on the schedule E

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Customer reply replied 5 months ago
we can deduct the entire property tax and interest paid on rental income properties

Up to the passive income (passive losses are limited to passive income)

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Then there's a special rule for allowing as much as 25000 in excess of passive (rental) income if certain income thresholds aren't met.

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Since rental real estate activities are considered passive activities, even if the taxpayer does materially participate in the activity (except for real estate professionals), losses from such activities are normally not deductible against nonpassive income.

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But, there is an exception for small landlords with modified adjusted gross income (MAGI ) under $150,000 ($75,000 if married filing separately) that allows rental losses to be deducted from nonpassive sources of income

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Since rental real estate activities are considered passive activities, even if the taxpayer does materially participate in the activity (except for real estate professionals), losses from such activities are normally not deductible against nonpassive income.

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But, there is an exception for small landlords with modified adjusted gross income (MAGI ) under $150,000 ($75,000 if married filing separately) that allows rental losses to be deducted from nonpassive sources of income

Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
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Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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