Tax,
Government,
Administrative/Regulatory
Jan. 30, 2018
Mitigating the new limit on home property tax deductions
New Internal Revenue Code Section 164(b)(6), titled Limitation On Individual Deductions for Taxable Years 2018-2025, prevents an individual from deducting more than $10,000 of state and local taxes.
Owen Kaye
Managing Partner
KFB Law Group
12100 Wilshire Blvd #245
Los Angeles , CA 90025
Phone: (310) 207-8008
Fax: (310) 207-8708
Email: owen@kfblawgroup.com
Western State Univ College of Law
One irritating aspect of the new tax law for Californians is the limit on the deductibility of state and local taxes. New Internal Revenue Code Section 164(b)(6), titled Limitation On Individual Deductions for Taxable Years 2018-2025, prevents an individual from deducting more than $10,000 of state and local taxes.
Assume Joe and Jane, a married couple, both lawyers, make $500,000 per year and live in a $1.5 million home (which is n...
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