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Started By
Message
SALT cap - taxes
Posted on 1/20/23 at 1:40 pm
Posted on 1/20/23 at 1:40 pm
$10k cap remains. I itemize and try is is killing me. Anyone have success with deducting some other way? I have an S Corp as well.
1
Posted on 1/20/23 at 1:52 pm to Hou_Lawyer
What state are you in?
A lot of states have come out with something called a PTE tax which essentially is a work around for the $10K cap. They make the state tax at the entity level so you treat it as tax expense instead of a distribution on the S-Corp return.
So you essentially make that portion of your taxes (which usually is a major portion of the taxes you pay) a Schedule E item (not limited) instead of a Schedule A item (limited to $10k).
You have to elect into it in most cases though.
A lot of states have come out with something called a PTE tax which essentially is a work around for the $10K cap. They make the state tax at the entity level so you treat it as tax expense instead of a distribution on the S-Corp return.
So you essentially make that portion of your taxes (which usually is a major portion of the taxes you pay) a Schedule E item (not limited) instead of a Schedule A item (limited to $10k).
You have to elect into it in most cases though.
This post was edited on 1/20/23 at 1:56 pm
Posted on 1/20/23 at 4:21 pm to Weagle25
TX
I’m all W2
The S Corp is for some expenses to pass through
I’m all W2
The S Corp is for some expenses to pass through
Posted on 1/20/23 at 6:24 pm to Hou_Lawyer
Well probably not useful for you then.
This is income tax
This is income tax
Posted on 1/21/23 at 3:52 pm to Hou_Lawyer
quote:
TX
Your issue is property tax, then, I'm assuming.
Not a whole lot of getting around that one, if it's on your personal residence.
Posted on 1/21/23 at 5:21 pm to LSUFanHouston
Yes- my property tax + sales tax is north of $25k
Posted on 1/22/23 at 6:45 pm to Hou_Lawyer
quote:
Yes- my property tax + sales tax is north of $25k
Yup - you are boned.
But hey... at least you got "simplification" lol
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