Reply to 2025 SALT Deductions

Forum Index » Money and Finances

Reply to "2025 SALT Deductions"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[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]

And if you itemize.  I wonder how many people: 1) have state tax deductions over $10k, 2) make under $600k MAGI, and 3) itemize.  In many states, if you itemize federal then you have to itemize state too, and if you're only substantial itemized deduction is state taxes, then you'll get no deduction at all at state level (since state taxes are not deductible on state taxes).  That seems like a pretty small universe.[/quote]

Odds are you're itemizing if you're paying mortgage interest, no? Between SALT and interest, that's enough to get us over the standard deduction even before we take charitable donations into account. Especially now that the SALT cap is significantly higher than the standard deduction amount.[/quote]

Before the SALT cap was introduced in 2017, 80% of households making between $100-500K were itemizing. After the cap was set at 10K only 22.5% itemized. Raising the cap again is going make a huge difference, especially in this area. [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics