New York Taxpayers Have Four-Day Window to Try to Beat SALT Cap
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IRS move to block workarounds would take effect after Aug. 27
- Places like Scarsdale have already created charitable funds
Some New Yorkers successfully prepaid a portion of their property taxes at the end of last year in a bid to ease the hit from a new federal cap on state and local tax deductions. Those who want to try to lessen the pain this year may just have a few days left before the window closes.
The Internal Revenue Service took an important step on Thursday toward blocking the charitable workarounds high-tax states like New York approved in response to the tax law’s $10,000 limit. But the agency said the regulations take effect after Aug. 27, giving New York taxpayers who have already made donations to charitable funds this year — or can hustle and make them in the next four days — a possible break on their 2018 taxes, according to tax experts…
New York Taxpayers Have Four-Day Window to Try to Beat SALT Cap
