Reported 23 days ago
The recent increase in the SALT deduction cap to $40,000 is likely to benefit high-earning homeowners in high-tax states like New York and California. This change allows many of these homeowners to itemize their taxes again, potentially saving thousands annually. The hike is expected to particularly help those with large mortgages and significant property taxes, though the increased cap is temporary and will revert back to $10,000 by 2030 for higher earners.
Source: YAHOO