Homeowners who itemize deductions on their federal income tax returns have been able to deduct, without limit, New York State and NYC real estate taxes for decades. With changes to the tax code, enacted in the 2017 Tax Cuts and Jobs Act, deductions were capped at $10,000 starting on January 1, 2018. This change can make the cost of owning real … Continue reading State and Local Tax (SALT) tax deduction cap explained