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Money and Finances
Reply to "SALT Tax Deduction Increase"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]When do you guys think this will take effect IF passed? We are ready to file taxes and this $10k increase would impact our itemized return. [/quote] It is retroactive to 2023. Don't file yet. If you have already filed (which would be stupid under the circumstances) and this becomes law, file an amended return. For someone in the 32 percent bracket, this potentially represents a tax savings of $3,200.[/quote] When is it being voted on?[/quote] It is not being voted on, and if it were being voted on, it would fail.[/quote] NP and I think a vote was promised on it, possibly as early as Friday. I agree the chances of it passing are small though and it may not get a vote in the senate.[/quote]
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