OMG that's what umbrella insurance is for.
So with the limit on 10k for SALT if your property tax is say 30k and your cost of ownership with maintenance and depreciation on a several million dollar property property is another 50k that you could not deduct off of your federal taxes. Now you have 80k plus off of your federal income tax from the LLC negative income. (RENT - EXPENSES).
Depreciation, maintenance, repairs, etc. etc. are not deductible on your personal property. So place the property in LLC and rent it back. Every single cost associated with maintenance and repairs and depreciation and taxes and interest is now totally the sky is the limit.
It's unfortunate the tax system works that way but businesses get to deduct ALL expenses associated with its real estate. Not so unfortunately for the poor individual owner of the same sort of property.
