What are the rules regarding the deductibility of special assessments levied by local governments?

Sep 6, 2024 ... Urge Congress to Allow SALT Cap Deduction to Expire. The $10,000 State and Local Tax (SALT) Deduction Cap is one of the provisions from the 2017 ... Jan 27, 2025 ... As an individual, your deduction for state and local taxes (SALT) (lines 5a, 5b and 5c on Schedule A of Form 1040) is limited to a combined ... The 2017 Tax Cuts and Jobs Act (TCJA) wisely capped the value of the SALT deduction at $10,000, which helped provide resources that were used to reduce tax ... 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. Jan 16, 2025 ... ... deduction, so the loss of SALT deductions significantly undercut any 199A benefit. For reasons unknown, the TCJA did not extend the SALT cap ... Mar 6, 2020 ... The SALT deduction reduces the cost of state and local government taxes to taxpayers because a portion of the taxes deducted is effectively paid ... Sep 9, 2024 ... In 2017, the average SALT deduction taken in New Jersey was $19,000, nearly double the current cap, and $24,000 in Bergen County. The deduction ... 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 ... Sep 17, 2024 ... Trump signals he'd restore full SALT deduction, but Democrats are skeptical ... WASHINGTON – Donald Trump vowed Tuesday to “get SALT back” - an ... Aug 25, 2021 ... The SALT deductions are limited by a new cap of. $10,000, effective 2018. The unique impact of the new SALT deduction cap on home prices is.