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How the New Limit on SALT Deductions Affects Homeowners

Homeowners

The new tax law limits state and local deductions that homeowners can claim.

 The ability to deduct state and local taxes (SALT) has historically been a valuable tax break for taxpayers who itemize deductions on their federal income tax returns. Unfortunately, the Tax Cuts and Jobs Act (TCJA) limits SALT deductions for 2018 through 2025. Here’s important information that homeowners should know about the new limitation. Read more