Max W Posted May 24, 2018 Report Share Posted May 24, 2018 The IRS will be issuing regs to prevent states from circumventing the SALT limitation of $10,000. https://www.irs.gov/pub/irs-drop/n-18-54.pdf 3 Quote Link to comment Share on other sites More sharing options...
Abby Normal Posted May 25, 2018 Report Share Posted May 25, 2018 I have a single parent pilot that I thought was screwed because SALT caused them to lose 7k in deductions and 2% cost them another 9k in deductions, plus they lost 12k in exemptions, so taxable income was 28k higher. Tax did go up by 5k but AMT went down by 6k. So they really just replaced the regular tax with the AMT tax which never allowed either of those deductions. And I suspect many SALT limited clients are in similar situations. And in this case, they also got 4k in child tax credits until the kids get a little older. 5 Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.