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Action in the Senate Could Remove $10,000 Cap on State and Local Tax Deductions

 

When you hear elected representatives talking lately about addressing 'salt', they are not talking about improving diets.  They are referring to state and local taxes (SALT) and the related deduction limits connected with those taxes. 

If your household pays more than $10,000 a year in state and local taxes (e.g., state income tax, state sales tax, local property tax), then you've faced limits over the past few years on the amount of federal tax deductions you could take on those taxes. For many taxpayers residing in high-tax states, this can be a big deal.

Current legislation in the U.S. Senate is pushing to remove that $10,000 SALT deduction cap for most taxpayers. 

See the link below to an article from Forbes detailing this effort and a possible tax strategy to consider in the event the SALT deduction cap is lifted..

 US Senate Actions Could Remove Limits on State and Local Tax Deductions

Note that the legislation being discussed is not yet law. It must still pass both the U.S. Senate and House of Representatives and then be signed into law by the President.

 

 
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