Reply to The increase in SALT caps is so ridiculous

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Reply to "The increase in SALT caps is so ridiculous"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]It is a big boom for retirees over 65 in high tax areas such as MoCo, Nassau County NY, NYC, Bergan County NJ, Chicago IL and California.

It also included added deduction over 65 and folks who actually did save in their 401ks were getting killed on taxes on RMDs.

It also now allows property taxes to be deducted again with higher limit. Old folks often had a primary house and a little beach condo or second home both mortgage free and could not deduct property taxes. Their RMDs, interest income and SS payments already made them hit 10K in state income.

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This is exactly why the country is going to ruination and will be insolvent soon. Why are we subsidizing peoples' ownership over 2nd and 3rd homes?  Student loan forgiveness is outrageous, yet they want the entire country to help foot the tax bill of individuals' personal properties? Ridiculous.  There shouldn't be any SALT deductions, nor mortgage interest deductions. Pay your own bills. [/quote]

Right now you have the 40K cap on SALT and 750K cap on mortgage loans. Could be one home or two homes what the difference with cap same hard stop on write off.

most high income people get zero deduction on property taxes as state income tax already hits 40K. NYC is like 8 percent income tax and when I worked big 4 the Partners all made 750K to 800K. They already hit 40K so their house in Garden City and Southampton no write off for property tax.

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Remember that there is a phase out starting at $500k for the additional SALT deduction. I believe at $600k income, the deduction is down to the $10,000 level. So high earners are not getting any of the benefit of the SALT change. I live in NY state now but make over $600,000 HHI so I will see no benefit. I am not complaining, just noting this since people seem to be forgetting the phase out. [/quote]

+1. We get most of it this year (ended up around $550K) but with promos we’re at $900K for 2026 so won’t get a penny next year. I found it funny our friends in $2-3M houses with fancy cars and private schools were all so excited to get SALT back. I was like ah so you all are subsidized by family $ after all! [/quote]

This. DH is in BigLaw and so many of his coworkers are bragging on about SALT caps and big returns they’re getting this year as a result. It’s funny to see UMCs and lawyer startups strut about like they’re rich. Pathetic.[/quote]

someone is either lying about returns or income due to the phase outs[/quote]

Or they're married filing separately. 
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