Anonymous wrote:Here's our situation:

State (MD) and local (MoCo) income tax (HHI of $190K): $14,000

Real estate taxes ($850K house in Bethesda): $7,500

Total SALT: $21,500; deduction lost $11,500.

I haven't done our taxes yet to see the net impact, but I'm scared.

You are in the sweet zone of people who would be the most impacted 150K to 200K in high tax states but its not a sure thing.

Depending on number of kids, prior AMT status, marriage penalty you might breakeven. Only one way to find out is to do your taxes.

If the personal exemptions were for minor kids, you will come out ahead as the child tax credit will more than make up for it. Its a credit on taxes rather than deduction on income and more valuable for most.

Anonymous wrote:

Anonymous wrote:Here's our situation:

State (MD) and local (MoCo) income tax (HHI of $190K): $14,000

Real estate taxes ($850K house in Bethesda): $7,500

Total SALT: $21,500; deduction lost $11,500.

I haven't done our taxes yet to see the net impact, but I'm scared.

How do you afford your house? We make twice as much and it would be a stretch.

The $190K is adjusted after maxing out retirement and FSAs. PITI is $3K/month. Public school for 1 kid. Cash-positive investment property. Very old house and cars. Cheap vacations. No other debt.

Anonymous wrote:Here's our situation:

State (MD) and local (MoCo) income tax (HHI of $190K): $14,000

Real estate taxes ($850K house in Bethesda): $7,500

Total SALT: $21,500; deduction lost $11,500.

I haven't done our taxes yet to see the net impact, but I'm scared.

How do you afford your house? We make twice as much and it would be a stretch.

Anonymous wrote:Here's our situation:

State (MD) and local (MoCo) income tax (HHI of $190K): $14,000

Real estate taxes ($850K house in Bethesda): $7,500

Total SALT: $21,500; deduction lost $11,500.

I haven't done our taxes yet to see the net impact, but I'm scared.

you also lost the personal exemption.

Ugh. We should probably start our taxes.

SALT ONLY impacts those that are not taking standard deductions.

Anonymous wrote:Am I missing something here? Or are SALT taxes just state income taxes and local property taxes? Ours add up to $10 to $12k so when I see people posting that theirs are $2Ok or more, I think I must be missing a tax category or simething.

Well, let's just say you are a two fed working family in NOVA with a $1m house. It would be $10k in property taxes and another $18k in income tax.

Here's our situation:

State (MD) and local (MoCo) income tax (HHI of $190K): $14,000

Real estate taxes ($850K house in Bethesda): $7,500

Total SALT: $21,500; deduction lost $11,500.

I haven't done our taxes yet to see the net impact, but I'm scared.

Anonymous wrote:

Anonymous wrote:My state income tax is about 9k, 8k in property taxes, and 1 k in personal property taxes. 18K. 8k deduction lost.

Meh. you get the 24K standard deduction. Cry me a river.

We all lost the personal exemption, which for a family of four = $16500 or there abouts.

16K + 18 k = 34K

^PP lost 10K in deductions/exemptions.

SALT = state and local tax (income and property).

Our HHI is $210k, property value $620K. State tax alone is 6000, local tax 4000, property tax even without local property tax is 6000 or so. Even without the local tax, we are over $10k.

Anonymous wrote:My state income tax is about 9k, 8k in property taxes, and 1 k in personal property taxes. 18K. 8k deduction lost.

Meh. you get the 24K standard deduction. Cry me a river.

Any state or local taxes--so could be city/county tax, school tax, state income tax, property tax, or personal use tax. In many more expensive areas that have both income and property taxes, it's easy for those two to add up to $20K or far more. You probably live in an area where one or the other is relatively low, or where you don't have both.

My state income tax is about 9k, 8k in property taxes, and 1 k in personal property taxes. 18K. 8k deduction lost.

Am I missing something here? Or are SALT taxes just state income taxes and local property taxes? Ours add up to $10 to $12k so when I see people posting that theirs are $2Ok or more, I think I must be missing a tax category or simething.