Pay more than $10K in property taxes? Why the tax law may not be all bad news

The loss of a full property tax deduction could be offset for some taxpayers. ( Q. My property taxes are more than $10,000. I've been reading about the changes in tax law and ways to circumvent the loss of the deduction federally. I also learned New Jersey already has a $10,000 limit, but the governor is trying to get around it by creating a charity we can send our taxes to so we can get a deduction. Can you explain? -- Taxed out A. You mention several issues. The first is the new $10,000 limitation on deducting state and local taxes, also called SALT, on your federal income tax return. Second is New Jersey's longstanding $10,000 cap on deducting real estate taxes on your primar

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Kiely Capital Management offers financial planning and investment advice. Serving Central and Northern New Jersey, Yvonne and Bernard (Bernie) Kiely provide over 25 years of experience offering discretionary asset management, retirement planning and income tax preparation. KCM is registered with the State of New Jersey as a Registered Investment Advisor.


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