State and Local Tax (SALT) Deduction

How Does the SALT Deduction Work? Taxpayers who itemize may deduct up to $10,000 of property, sales, or income taxes already paid to state and local governments; under the TCJA, there was no cap to the value of the SALT deduction. In theory, the SALT deduction exists to offset some federal taxpayer liability by excluding … Continue reading State and Local Tax (SALT) Deduction