The Update

The SALT deduction cap (state and local taxes) jumped from $10,000 to $40,000 for 2025–2029. Cue cheers from NJ, NY, and CA.

But Wait…

• High earners may see the cap phase out above ~$500k MAGI.
• Still must itemize to claim it.
• Property Tax Relief and Pass-Through Entity Tax (PTET) planning matter more than ever.

Example

The Smiths in Montclair pay $35k in property + income taxes. Old cap = $10k deduction. New cap = full $35k. That’s like finding cash in your winter coat.

Disclaimer: This blog is for educational purposes only and should not be considered legal or tax advice.
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