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New tax law limits SALT deductions & co-ops

  • 1.  New tax law limits SALT deductions & co-ops

    Posted 29 days ago
    New tax law limits SALT deductions to $10,000 - but not for coop owners?? Got a newsletter from our congressman on the subject of the new tax law. On the subject of the new $10,000 limitation on the SALT deduction he says the following: "One exception to this change may be for owners of units in co-ops, because of some differences in how property is defined for co-op owners. If you own a co-op apartment, you should consult with a tax advisor for more information about your specific case." Has anybody investigated this?
    Thanks to Michael Hymes for raising the question.

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    Sanford Zinman
    ZINMAN ACCOUNTING
    Tarrytown NY
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  • 2.  RE: New tax law limits SALT deductions & co-ops

    Posted 28 days ago
    Here is an article on the issue:

    https://news.bloombergtax.com/daily-tax-report/insight-are-co-op-apartment-deductions-subject-to-the-recently-enacted-salt-dollar-cap

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    Perry Paletta CPA
    http://www.qbcpa.com
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