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So are we really going to be able to deduct 40K in federal tax for the next 5 years?
Posted on 7/3/25 at 3:44 pm
Posted on 7/3/25 at 3:44 pm
Trump’s ‘one big beautiful’ bill passes ‘SALT’ deduction limit of $40,000. Here’s who benefits
Are there any restrictions to this?
Are there any restrictions to this?
This post was edited on 7/3/25 at 3:45 pm
2
Posted on 7/3/25 at 3:47 pm to James11111
I think there may be some stipulations if you make over 500k but I think that is AGI.
Posted on 7/3/25 at 3:50 pm to James11111
quote:
So are we really going to be able to deduct 40K in federal tax for the next 5 years?
You may be able to deduct $40k of state and local taxes from your gross income, but no, you won’t be able to deduct $40k on federal tax
Posted on 7/3/25 at 3:50 pm to Rize
(no message)
This post was edited on 7/3/25 at 4:02 pm
Posted on 7/3/25 at 4:02 pm to James11111
It would be married filing jointly, 20k separate.
Posted on 7/3/25 at 4:06 pm to Mingo Was His NameO
quote:
You may be able to deduct $40k of state and local taxes from your gross income, but no, you won’t be able to deduct $40k on federal tax
Being in Texas I won’t come anywhere near the 40k with no state income tax. It’s still going to allow me to go from the 30k standard to itemizing for the first time since 2017.
Should change my deductions by around $35,000 a year. Not sure what that ends of being back in my pocket but I’m just tired of owing $7,500 to $10,000 a year.
Posted on 7/3/25 at 4:44 pm to Rize
Where's the new income brackets for capital gains? I saw the one for 2023. I wanna pay some 15% instead of 20%.
Posted on 7/3/25 at 5:16 pm to SmackoverHawg
quote:
Where's the new income brackets for capital gains? I saw the one for 2023. I wanna pay some 15% instead of 20%.
Hell yes!
Posted on 7/4/25 at 9:30 am to Rize
SALT Deduction also apples to property taxes.
Posted on 7/4/25 at 9:37 am to PNW_TigerSaint
quote:
SALT Deduction also apples to property taxes.
Yeah I bought in a neighborhood with a very low tax rate. My rate is 1.57% vs 2.5% to 3.4%. 3.4 was the highest I found in the newer neighborhood next to mine.
With the new increased homestead, salt tax, and mortgage interest I’ll be paying around an average 12k less in taxes per year.
Posted on 7/4/25 at 2:11 pm to Rize
quote:
I think there may be some stipulations if you make over 500k but I think that is
Any thoughts on how this affects a couple making ~$700K per year in W2 income only in a HCOL state? The $10K per year limit since 2017 hasn't been good for us since we live in a high income tax state and have a couple of investment properties too. Going forward, are we going to be able to deduct something more than $10K at least even if we don't get the benefit of the full $40K? Is there some kind of a phase down schedule somewhere that I can see?
This post was edited on 7/4/25 at 2:13 pm
Posted on 7/4/25 at 3:45 pm to Rize
quote:
to allow me to go from the 30k
They also increased the standard deduction for 2025 by $750 single/$1500 married. So a 5% increase to the standard deduction. (($31,500 married now)
Posted on 7/5/25 at 1:12 am to euphemus
quote:
Any thoughts on how this affects a couple making ~$700K per year in W2 income only in a HCOL state? The $10K per year limit since 2017 hasn't been good for us since we live in a high income tax state and have a couple of investment properties too. Going forward, are we going to be able to deduct something more than $10K at least even if we don't get the benefit of the full $40K? Is there some kind of a phase down schedule somewhere that I can see?
I’m not sure you will see any benefit at 700k as a W2. Not sure what the phase out past the new cap of 500 is. If I had to guess you’re probably fricked??
Not to mention I’m not sure if it’s on your primary property only or includes investment properties. If I had to guess without looking it’s going to be primary only.
This post was edited on 7/5/25 at 1:28 am
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