What are the reporting requirements for foreign state and local taxes?

Apr 11, 2023 ... How to Calculate the SALT Deduction · Property Taxes: Sum the total property taxes paid on real estate (individually owned properties only, not ... The SALT deduction for state and local taxes can only be claimed if you itemize on your tax return - that is, when your itemized deductions are greater than ... Feb 2, 2024 ... A married couple with an income of $499,999 can claim up to $20,000 in SALT deductions. A couple with an income of $500,000 can only claim up to ... Oct 1, 2017 ... ... deduction for state and local taxes (SALT), available to itemizers. What is the SALT deduction? Simply put, it allows taxpayers to avoid ... Jan 30, 2025 ... The much-reduced SALT deduction would encourage wealthy taxpayers to move to states with low or no income taxes, such as Nevada, Texas and Florida. May 7, 2020 ... We consider options that would limit all itemized deductions, not just the SALT deduction, and an additional option that would raise the four ... Jan 8, 2025 ... The legislation will increase the SALT deduction cap to $100,000 for single filers and $200,000 for married couples filing jointly ... Feb 22, 2022 ... This will enable owners to take a full deduction of this state tax on their federal tax returns. ... SALT deduction will be limited to $10,000 ... Dec 10, 2022 ... Consistent with the SALT deduction limitation negatively affecting counties' expected future ability to raise more real estate tax revenues, we ... Aug 12, 2024 ... I am fighting in Washington to increase the cap on the state and local tax (SALT) deduction. This would provide much-needed financial relief for New Yorkers.