Last year when I heard the news, I mistakenly thought the capped amount is for property tax only, now it turns out the capped amount including to income tax too?
I just realized that this change will affect me, since the total of my state income tax and property tax is more than $10,000 ?
Thanks.
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It's almost like they want to cripple the amount of services a state provides to residents. You are correct SALT ,state and local taxes, includes state taxes paid as well as real estate.
You can review the tax reform topics in the link below, including state, local, property, and sales tax (SALT) deduction.
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