{"id":1322,"date":"2019-02-27T19:50:46","date_gmt":"2019-02-28T00:50:46","guid":{"rendered":"https:\/\/www.etax.com\/blog\/?p=1322"},"modified":"2019-07-08T13:58:16","modified_gmt":"2019-07-08T17:58:16","slug":"new-salt-limit","status":"publish","type":"post","link":"https:\/\/www.etax.com\/blog\/2019\/02\/27\/new-salt-limit\/","title":{"rendered":"New SALT limit"},"content":{"rendered":"

The tax overhaul placed a limit on deductions for state and local taxes, known as SALT, in a landmark change. These deductions were previously unlimited for individuals, although many people who owed the alternative minimum tax lost some or all of their SALT write-offs. Taxpayers can deduct property and income taxes or sales taxes for 2018, but only up to $10,000. At the end of 2025, this change expires. For example, say Sam is a single filer who owes $6,000 in government income tax and $6,000 in property tax. He could deduct the total $12,000 of these taxes for 2017. But the deduction<\/a> is limited to $10,000 per return for fiscal years 2018-2025, and is not indexed for inflation. This change is expected to hit hardest in the six states where SALT deductions are highest as a percentage of revenue; New York, New Jersey, Connecticut, California, Maryland and Oregon.<\/p>\n

The new cap affects more single then married couples, because the $10,000 SALT limit is per return and not per person. Although married couples can file separate returns, each spouse receives a deduction of $5,000 for state and local taxes in this case.<\/p>\n","protected":false},"excerpt":{"rendered":"

The tax overhaul placed a limit on deductions for state and local taxes, known as SALT, in a landmark change. These deductions were previously unlimited for individuals, although many people who owed the alternative minimum tax lost some or all of their SALT write-offs. Taxpayers can deduct property and income taxes or sales taxes for […]<\/p>\n","protected":false},"author":1,"featured_media":1384,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[123],"tags":[539,481,162,622],"class_list":["post-1322","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deductions-2","tag-local-taxes","tag-property-tax","tag-sales-tax","tag-salt"],"yoast_head":"\nNew SALT limit - eTax.com\u00ae Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.etax.com\/blog\/2019\/02\/27\/new-salt-limit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New SALT limit - eTax.com\u00ae Blog\" \/>\n<meta property=\"og:description\" content=\"The tax overhaul placed a limit on deductions for state and local taxes, known as SALT, in a landmark change. 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