SALT Deduction Cap Lives OnSubmitted by LWM | Linden Wealth Management LLC on October 3rd, 2019
SALT Deduction Cap Lives On
Unfortunately, for those of us who live in a high tax state, the federal courts on September 30, dismissed the challenge to the $10,000 cap on the federal state and local tax (SALT) deduction.
The cap is especially punitive for us with high property taxes. The only good news it's not permanent and is scheduled to expire after December 31, 2025.
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*This content is developed from sources believed to be providing accurate information. The information provided is not written or intended as tax or legal advice and may not be relied on for purposes of avoiding any Federal tax penalties. Individuals are encouraged to seek advice from their tax or legal counsel. Individuals involved in the estate planning process should work with an estate planning team, including their own personal legal or tax counsel. Neither the information presented nor any opinion expressed constitutes a representation by us of a specific investment or the purchase or sale of any securities. Asset allocation and diversification do not ensure a profit or protect against loss in declining markets.