Tag Archives: SALT expenses

You May Be Able to Delay SALT Expenses Until 2021

The Tax Cuts and Jobs Act, enacted in December 2017, limited the itemized deduction for state and local taxes (“SALT”) to $10,000 per tax filer (or $5,000 for a married person filing separately). Although this provision is scheduled to sunset after 2025, there is a reasonable possibility that this limitation may be lifted as soon as next year, as part of a comprehensive revision of the income tax code, depending on the outcome of the upcoming elections. Continue reading You May Be Able to Delay SALT Expenses Until 2021