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The IRS Is About To Limit Those SALT Caps: They're Looking at You, New York!
Hotair ^ | 06/13/2019 | Jazz Shaw

Posted on 06/13/2019 9:10:24 AM PDT by SeekAndFind

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1 posted on 06/13/2019 9:10:25 AM PDT by SeekAndFind
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To: SeekAndFind

Had a neighbor ask me if his wife could use my apartment as a “head of household” dodge for tax purposes. (NYS)

He said his accountant said it was OK to do.

I told him he needed to find another accountant.


2 posted on 06/13/2019 9:16:10 AM PDT by headstamp 2
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To: SeekAndFind

The rich are always saying they want to pay more.


3 posted on 06/13/2019 9:17:16 AM PDT by Sacajaweau
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Thanks so much for your support to this point... I personally apprecaite it...
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Just $428.00 dollars to 98.00%

4 posted on 06/13/2019 9:17:33 AM PDT by DoughtyOne (This space for rent...)
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To: SeekAndFind

Funny how they don’t want their blue state rich folks to pay their fair share!


5 posted on 06/13/2019 9:18:26 AM PDT by 2banana (My common ground with islamic terrorists - they want to die for allah and we want to kill them.)
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To: SeekAndFind

it also varies within the state...I live in Ontario county, east of Rochester. my local taxes are about $4,700. relatives of mine in Nassau county on Long Island with a comparable house, maybe 300 sq ft larger but 1/4 the property, in a comparable neighborhood, pay $25,000.


6 posted on 06/13/2019 9:20:24 AM PDT by wny
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To: SeekAndFind

I see the logic of the cap on the SALT deduction in that it acts as a massive subsidy from low tax states to high tax ones, but from the taxpayer’s point of view, I’m getting taxed on money that I never saw.


7 posted on 06/13/2019 9:21:53 AM PDT by Behind the Blue Wall
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To: SeekAndFind
TurboTax never mentioned this.
8 posted on 06/13/2019 9:26:11 AM PDT by immadashell (Save Innocent Lives - ban gun free zones)
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To: SeekAndFind

In Illinois the SALT provisions have changed home prices dramatically. It hits the $600 thousand to $5 million dollar homes the most. Over $5 million seems to be “I don’t care” money. Where people have so much that price is not important. And under $600 thousand does not seem to have a large affect on taxes. A home around a million dollars is a much harder sell than it was before. And $3 million dollar homes are just not selling here unless they are highly discounted.

But this is not just because of SALT. The annual property taxes are about 2% now on million dollar homes. So that alone is problematic. Then the SALT is just salt on the wound.


9 posted on 06/13/2019 9:27:32 AM PDT by poinq
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To: Behind the Blue Wall

I’m getting taxed on money that I never saw.
*************************
That’s one of the reasons for the standard deduction. And it’s equal across the nation.


10 posted on 06/13/2019 9:37:56 AM PDT by House Atreides (Boycott the NFL 100% — PERMANENTLY)
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To: SeekAndFind

We took it up the pipe this year in Massachusetts on account of this, too.


11 posted on 06/13/2019 9:37:58 AM PDT by Hemingway's Ghost (Spirit of '75)
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To: Mariner; SkyPilot; Rome2000

We knew this one was coming.


12 posted on 06/13/2019 9:38:46 AM PDT by lightman (Byzantine Troparia: The "praise choruses" of antiquity.)
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To: poinq

This and more has led to a top in real estate, in the hottest markets.


13 posted on 06/13/2019 9:39:47 AM PDT by aMorePerfectUnion
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To: House Atreides

The “standard deduction” was one of worse things that ever happened to charities.

The second worse was taxing their interest earnings on endowments as “unrelated income”,

The turd worse was jacking that tax rate by 30% in the new code.


14 posted on 06/13/2019 9:40:47 AM PDT by lightman (Byzantine Troparia: The "praise choruses" of antiquity.)
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To: SeekAndFind

Calling a tax payment a donation is a lie. Longstanding IRS practice. The legislators in NY and NJ should be in federal prison for aiding tax evasion.


15 posted on 06/13/2019 9:41:04 AM PDT by I want the USA back (Islam, not a religion, a totalitarian political ideology aiming for world domination. -Wilders)
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To: SeekAndFind

It’s certainly accelerated the exodus from NY and NJ to NC and upstate SC.


16 posted on 06/13/2019 9:45:07 AM PDT by RegulatorCountry
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To: SeekAndFind
They quickly got to work seeking to thwart the rules by allowing taxpayers to “donate” the extra amount to a “charity” set up specifically for the purpose of evading the law.

What's the difference between tax avoidance and tax evasion?

17 posted on 06/13/2019 9:51:23 AM PDT by null and void (Stamp out philately!)
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To: SeekAndFind
My Idaho state income tax exceeds the $10k cap by itself. My property taxes are completely on my nickel. The increased standard deduction made the net about even. When I finally retire, the property taxes will be in play again. I'll likely move from a top 5% payer to a bottom 49% non-payer of federal income taxes.
18 posted on 06/13/2019 9:51:58 AM PDT by Myrddin
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To: lightman
The “standard deduction” was one of worse things that ever happened to charities.

What business is it of the Almighty Federal Government that you donate to charities, let alone how much and to which charities?

19 posted on 06/13/2019 9:54:35 AM PDT by null and void (Stamp out philately!)
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To: SeekAndFind
It seemed obvious to me and to any thinking person here in the PRNJ (that would exclude Bruce Springsteen and our governor) that this ploy was eventually going to end up in a double-****ing. The deduction was going to be disallowed by the IRS and result in a fine/penalties, and that the state "charity" wasn't going to refund the money.

(The problem is that the high tax states spend too much money. My solution to the problem was to stop looking for a bigger house here, and to look for one in Florida.)

20 posted on 06/13/2019 9:54:49 AM PDT by Sooth2222 ("Every nation gets the government it deserves." -Joseph de Maistre)
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