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Deductions & credits
@DoninGA wrote:
The total of all your itemized deductions on Schedule A must be greater than $15,700 to have any tax benefit.
If you have $10,000 of SALT, but don't also have at least $5700 of charity donations, mortgage interest, or allowable medical expenses (over the 7.5% threshold) then your itemized deductions would be less than the standard, even with the SALT deduction of $10k.
‎October 15, 2024
10:45 AM
4,469 Views