What kinds of limitations or exceptions exist for SALT deductions?

[petrica]

If I were a single filer who earned ~$175,000 in Year X and paid ~$15,000 in state and local income taxes (think NYC), can I deduct all of that on my federal return? I apologize if this is a very basic question, I don't have the tightest grasp on the tax code.

[SweetieJean · Accepted solution]

Yes. Yu should be fine for 2017 unless you have a high number of other itemized deductions, which might then trigger AMT.

2018 is a different story, due to the current tax reform bills.

[petrica]

Thanks so much! Seemed too good to be true at first.