Warning: Some posts on this platform may contain adult material intended for mature audiences only. Viewer discretion is advised. By clicking ‘Continue’, you confirm that you are 18 years or older and consent to viewing explicit content.
Trump limited SALT deductions, which includes property taxes and state sales and income tax, while doubling the standard deduction. For most people living in high cost areas, especially those in states with an income tax, they would still be able to itemize for more than the doubled standard deduction, but now they can’t because of the new limits. (Most) homeowners in high cost states are paying more federal income tax now because of Trump’s changes to the tax code.
Trump limited SALT deductions, which includes property taxes and state sales and income tax, while doubling the standard deduction. For most people living in high cost areas, especially those in states with an income tax, they would still be able to itemize for more than the doubled standard deduction, but now they can’t because of the new limits. (Most) homeowners in high cost states are paying more federal income tax now because of Trump’s changes to the tax code.