16-Dec-2018 2:11pm
18-Dec-2018 9:24am
18-Dec-2018 1:57pm
18-Dec-2018 5:03pm
missingdonut wrote:Webster, the principles of §111 haven't changed and there is no guidance needed on SALT refunds [??]. There is no allocation; it's just a pool of expenses that lead to a deduction.
18-Dec-2018 5:07pm
missingdonut wrote: Top notch work, lucyko, for noticing that and pointing it out to us
18-Dec-2018 10:18pm
makbo wrote:Yes, it is needed. First, for NII allocation of state income tax deduction, and second, for those states that still allow a full property tax deduction without limit.
(I don't know what you mean by "guidance on SALT refunds", I thought we were talking about guidance on the composition of SALT deduction after the limitation - how much is income tax, how much is property and other taxes).
makbo wrote:It's nothing new. It's always been a diagnostic in good professional programs to consider deducting sales tax instead of income tax when the taxpayer is subject to AMT. Since the TCJA is essentially bringing the same type of limits to regular tax as are in the AMT (limited SALT deduction, no personal exemptions, no equity mortgage interest, etc), it's just the same old advice as we have always followed.
19-Dec-2018 8:36am
Pub 525 wrote:"If you could choose to deduct for a tax year either:
State and local income taxes, or
State and local general sales taxes, then
the maximum refund that you may have to include in income is limited to the excess of the tax you chose to deduct for that year over the tax you didn't choose to deduct for that year."
19-Dec-2018 11:36am
19-Dec-2018 9:04pm
16-Jan-2019 9:19pm