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Sinopsis

The Supreme Court has refused to step into the battle over the cap on SALT deductions. Several states sued to lift the cap on state and local tax deductions but the high court refused to hear the case. That leaves the matter up to Congress which hasn’t produced results so far, or to the states which in some cases have offered a work-around. Hi, I'm Kathy Fettke and this is Real Estate News for Investors. If you like our podcast, please subscribe and leave us a review. The $10,000 cap on SALT deductions was one of the most controversial parts of the 2017 tax bill. Those deductions cover state sales, income, and property tax. Once upon a time, they were unlimited. The Tax Cut and Jobs Act or TCJA was passed by a Republican-controlled Congress under President Trump and provided $1.5 trillion in tax cuts. (1) The low cap on the SALT deduction helped offset that lost tax revenue, along with a lower cap on the mortgage interest deduction. A higher individual tax deduction was also offered as partial compensation f