Reply to 2025 SALT Deductions

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]if your MAGI is under $500,000.  Phases down to $10,000 if MAGI is over $600,000[/quote]

As it should[/quote]

Not necessarily - it still encourages wealthy people to move to Florida or Texas or other no/low tax states. [/quote]

wealthy people don't want to live in texas or florida.[/quote]

Many do, but they aren’t like us…[/quote]

They only have to live in Florida six months and one day. My old GF was old money had a house in Palm Beach. That crowd had a Beachfront Condo or House in Palm Beach, House in Southampton and a Coop in NYC .They pretty much would summer in Hamptons three months. Spend a few weeks in spring and Fall in Manhattan and then go to Palm Beach from November to April. If they did not hit full six months one day for residency no big deal they usually went back a week or two more to check on house and stuff. They had trust fund money and did not want NYC or NY taxes eating it up. It is like 10 percent between state and City most people. On a 5 million dollar trust fund that is 500K in NY taxes

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