The limitation on the deductibility of state and local taxes (“SALT”) at $10,000 was part of the Tax Cuts and Jobs Act back in 2017. Learn about New York’s pass-through entity tax to help you work around it.
new york city
You need to give careful consideration to your state taxes (and the Resident Credit) when you live in one state and work in another. We take a look at this situation for a hypothetical taxpayer who commutes from NJ to NYC.