IRS Slams Door on Property Tax Workarounds

Home / Blog / IRS Slams Door on Property Tax Workarounds

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)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.



Source: http://www.mortgagen...

6680e66f d6e9 4710 bbb2 2695e93b8005 83a31b0c 490f 42da 9ede 472350621d5f 6961b5f2 c57a 4293 bf51 efe36cb77fe9 d908fa16 e38e 4c79 a966 cdb997862ceb 44331f4f fdc1 49b0 8068 8ec42bee565c a08aee06 017f 4287 9013 c7db3c42d3ce 2c2765d8 ba6f 437d 8520 cc2e255b9ab0 91b28f81 4526 4a27 acab be7c078eb0a1 cab399eb 19e2 477e bd7f 9b1c4f4f1296 8e38e640 30d0 44f0 8551 23765f4f5d2f c7158521 ca8b 4223 b1bb 67a18229b58d 0cb75147 bd7d 4444 ad85 334a7af80bc6 6a85c46d 4207 4429 8f39 a8496e8cf6fb 7a61a4f2 dc99 431c a1f5 8b4433a68bb6 88fbbbef 11ee 4a39 bd7b b609fb245a16 a1fb9cda 9002 441c 9468 4d806489a050 6e50ffb1 0fe2 418f 93dd 572c6831c431 9190e869 d229 4aa3 b62f 0e0db04e40a3 6f123edc 14f9 45b4 b137 3d7a59b606af 0685248c 1f80 4fe8 abff c66d12374210 f720f0bf dba8 4af8 befb 9f569a1702cd 9c4f2cf0 1325 410c abc9 1fd98e95a8bd 78a7ae6a 2a46 4cc1 9403 3028e530a2d2