Is There a Salve for the SALT that was Rubbed into Our Wounds?
Joel Luber, Chair of Reger Rizzo & Darnall's Estates & Trusts Practice Group authored an article entitled, Is There a Salve for the SALT that was Rubbed into Our Wounds? for the Fall 2018 edition of the Philadelphia Estate Planning Council newsletter.
The article discusses the new changes impacting state and local real and personal property taxes, and income taxes or sales taxes. For married taxpayers filing separately, each taxpayer is limited to a $5,000 deduction. The $10,000 limit is not indexed for inflation. Absent a cataclysmic change in the body politic, we will awake from this nightmare on January 1, 2026. Coupled with this change, and closely related thereto, is the increase in the standard deduction from $12,700 to $24,000 for married taxpayers filing jointly, making moot for many taxpayers the issue of itemized deductions. This, too, carries with it the same limited window of applicability expiring on December 31, 2025.
You can read the full article online here.