News / Article

Potential SALT Deduction Changes: What Taxpayers Need to Know

Source: fool.com - Jan 8, 2020

Property taxes are an unavoidable expense when you own a home, but the good news is that you can deduct that cost on your tax return if you itemize. But depending on where you live, you may not get to deduct your property taxes in full due to a major change in the tax code that went into effect in 2018.

What is the SALT deduction, and how has it changed?

Prior to the Tax Cuts and Jobs Act, the SALT deduction -- short for state and local tax deduction -- was unlimited. That meant you could deduct whatever amount you incurred in state income taxes, local income taxes, and property taxes.

click source to read article

Category: General Business