Reply to 2025 SALT Deductions

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[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]

You dont live in NY. Someone making 500k is paying almost $50K in income tax and a decent house in Garden City or Rockville Centre for someone that income taxes are $40,000 a year.

When I was making 200K my NY taxes were like 13K a year and my property tax was 14k a year. I was at 27K just there. And I lived in a tiny old split.

The real winners are NYC residents  with income between 200k and 500K. On 400K income you could be paying up 50K in NYS/NYC income tax alone       [/quote]

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