What are SALT taxes besides property taxes and state income taxes?
![[Post New]](/jforum/templates/default/images/icon_minipost_new.gif){kind=icon}
Anonymous
| Am I missing something here? Or are SALT taxes just state income taxes and local property taxes? Ours add up to $10 to $12k so when I see people posting that theirs are $2Ok or more, I think I must be missing a tax category or simething. |
Anonymous
| My state income tax is about 9k, 8k in property taxes, and 1 k in personal property taxes. 18K. 8k deduction lost. |
Anonymous
| Any state or local taxes--so could be city/county tax, school tax, state income tax, property tax, or personal use tax. In many more expensive areas that have both income and property taxes, it's easy for those two to add up to $20K or far more. You probably live in an area where one or the other is relatively low, or where you don't have both. |
Anonymous
Meh. you get the 24K standard deduction. Cry me a river. |
Anonymous
|
SALT = state and local tax (income and property).
Our HHI is $210k, property value $620K. State tax alone is 6000, local tax 4000, property tax even without local property tax is 6000 or so. Even without the local tax, we are over $10k. |
Anonymous
We all lost the personal exemption, which for a family of four = $16500 or there abouts. 16K + 18 k = 34K ^PP lost 10K in deductions/exemptions. |
Anonymous
|
Here's our situation:
State (MD) and local (MoCo) income tax (HHI of $190K): $14,000 Real estate taxes ($850K house in Bethesda): $7,500 Total SALT: $21,500; deduction lost $11,500. I haven't done our taxes yet to see the net impact, but I'm scared. |
Anonymous
Well, let's just say you are a two fed working family in NOVA with a $1m house. It would be $10k in property taxes and another $18k in income tax. |
Anonymous
| SALT ONLY impacts those that are not taking standard deductions. |
Anonymous
| Ugh. We should probably start our taxes. |
Anonymous
you also lost the personal exemption. |
Anonymous
How do you afford your house? We make twice as much and it would be a stretch. |
Anonymous
The $190K is adjusted after maxing out retirement and FSAs. PITI is $3K/month. Public school for 1 kid. Cash-positive investment property. Very old house and cars. Cheap vacations. No other debt. |
Anonymous
| If the personal exemptions were for minor kids, you will come out ahead as the child tax credit will more than make up for it. Its a credit on taxes rather than deduction on income and more valuable for most. |
Anonymous
You are in the sweet zone of people who would be the most impacted 150K to 200K in high tax states but its not a sure thing. Depending on number of kids, prior AMT status, marriage penalty you might breakeven. Only one way to find out is to do your taxes. |