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Homeowners: The SALT deduction is going up to $40,000. Here’s how to get the most out of it.
Yahoo Finance· 2025-11-08 00:23
One of Harrison’s client families stands to save approximately $10,000 in taxes this year, thanks to the higher SALT break. They live in the Chicago suburbs, where property taxes are among the highest in the nation, and they earn more than $400,000, which means they incur a sizable state income-tax bill, too.This year, the full $40,000 SALT deduction is for individuals and married couples who have modified adjusted gross incomes lower than $500,000. For those making more than that, the deduction amount goes ...