IRS Slams Door on Property Tax Workarounds

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Posted To: MND NewsWire

One of the more contentious provisions of the 2017 Tax Cuts and Jobs Act (TCJA) was a new ceiling on the SALT deduction. This is the amount taxpayers can deduct on federal tax returns for what is paid in state and local taxes including income, sales, and property taxes. The new limit is $10,000 where previously there was none. The increase in the standard deduction included in TCJA meant most taxpayers are better off not itemizing SALT and other Schedule A deductions and the change is also is expected to bring the Treasury an additional $36 billion in revenue this year, reaching $90 billion by 2024. However, the SALT deduction has been an important one for those homeowners of high value properties living in states where property taxes are also high and to those with second homes. George King...(read more)

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