New IRS Regs May Quash Popular SALT Cap Workaround
By Peter Lowy and Alissa Gipson (August 12, 2020, 4:08 PM EDT) -- This week, the Internal Revenue Service published its final regulations on Internal Revenue Code Sections 162, 164 and 170 addressing attempts to end-run the 2017 Tax Cuts and Jobs Act's cap on state and local tax, or SALT, deductions.
Prior to the TCJA, Section 164 authorized taxpayers to deduct the full amount of their state and local taxes — mostly property taxes and income taxes — subject to the limitation on itemized deductions. In December 2017, Congress enacted the TCJA, including revised Section 164(b)(6), which limits the aggregate deduction of these taxes to $10,000 — less if not filing a joint...
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