topic Re: SALT capped at 10k limit in Get your taxes done using TurboTax

SALT capped at 10k limit

VAer — Mon, 11 Nov 2024 23:12:08 GMT

It really has big impact on people living in high income area.

State and local income tax + house property tax: $10k is way too low.

Is it permanent law or will it expire at some point? I heard that it will expire in 2025, correct?

Any comment about SALT or any prediction on SALT?

I wish to go back without $10k

Re: SALT capped at 10k limit

Bsch4477 — Mon, 11 Nov 2024 23:18:05 GMT

2025 is the last year SALT will apply unless extended.

Re: SALT capped at 10k limit

DoninGA — Mon, 11 Nov 2024 23:18:13 GMT

The SALT limits will expire after 12/31/2025 without Congressional intervention. However, Congress may make the changes in the tax code that were only effective for tax years 2018 thru 2025 permanent.

Re: SALT capped at 10k limit

rjs — Tue, 12 Nov 2024 02:14:32 GMT

The SALT cap is going to be a very big issue in the next Congress. Right now, no one knows what they will do. It will be included in the negotiations over a major new tax bill. Any Congressional action is likely to be in late 2025. Keep an eye on the news.