IRS Clarifies Tax Treatment of State and Local Tax Refunds under new SALT Deduction Limit by Karen A. Lake, CPA
Posted on April 22, 2019 by Karen Lake
The IRS recently issued guidance to help taxpayers in high-tax states understand how the new tax law’s $10,000 annual limit on deductions for state and local taxes (SALT), and property and real estate taxes affects the tax treatment of SALT refunds they receive beginning in tax year 2019. In general, taxpayers may exclude from their […]