So any idea what these new Trump taxes are going to do?

[Jake Wa]

Hi guys,

So I live in NJ and apparently people are rushing to prepay some taxes.  I share a rental property with a friend and we're at a loss as to what we should do here. Any advice?

Thanks

[Chris Clark]

Originally posted by @Anthony A. Araujo:

Originally posted by @Chris Clark:

Originally posted by @Anthony A. Araujo:

I am also curious.. I have a home in New Jersey that I own. 

Two family where I live on one floor and the other floor is rented. my property taxes are over 10K so does this mean I cannot claim more than 10K?

You cannot claim more than 10K personally on your portion of the residence. Assuming you claim the rental income and expenses on Sch E correctly you can claim the rental portion of your taxes without limit.

okay makes sense.. here's another scenario.. my parents own two homes. one is a single family the other is a multifamily which is rented out. under this logic their main residence (single family) is limited to 10K but their multi family which is rented completely has no limit on how much they can claim. correct?

Assuming that the multi-family unit isn't used by your parents at any time as a vacation home yes it would be fully deductible as a rental expense.