Friday, 24 August 2018 10:01

New York Taxpayers Have 4 Days to Beat SALT

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(New York)

While some New Yorkers prepaid their property taxes last year in an effort to offset the decline of SALT deductions this year, others weren’t so proactive. Now that Washington has blocked states’ ability to work a loophole around classifying taxes as charitable giving, residents of high tax states may have a small window of opportunity—just 4 days—to avoid full taxes. The new regulations will take effect on August 27th, which means residents have until then to donate to the tax-charity funds which have been established.


FINSUM: Such last minute payments could be challenged after the fact, but considering the effective date of the new regulations, they seem like they would go through.

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