At Barker Group, we want all of our clients to be informed about possible changes in the tax code, and how it may affect our real estate market.
State-and-Local Tax Deduction
The proposed elimination of this tax break, known as SALT, was the biggest and most controversial pay-for in the Republican plan from the beginning. House members representing high-tax, largely Democratic states rebelled, and GOP leaders ultimately settled on a compromise: People will be able to deduct $10,000 in state and local property, sales, or income taxes off their federal bill. An earlier proposal would have limited the deduction to property taxes, but that was broadened in the final agreement...Read More