This question is about the $10,000 limit on the deduction for State income tax plus property tax. I got this off the internet:
"The state and local tax (SALT) deduction is for taxpayers who itemize their deductions to reduce their federally taxable income. Those taxpayers can deduct up to $10,000 of property, sales, or income taxes they have already paid to state and local governments when electing the SALT deduction. This limit, known as the SALT “cap,” applies to tax years 2018 to 2025 and is set to expire after 2025"
My question is can I do anything about the amount that I could not deduct? Can I use in in later years? For 2023 the total for SALT was $11,169 leaving $1,169 that I could not deduct. for 2024 I expect that I will have $23,423 combined leaving $13,423 that I can not deduct. Can I do anything with that? Will it roll over to later years?
Thank you
