Will Tax Deductions for Homeowners Change?

In 2017 a limit of $10,000 was placed on the amount that homeowners could deduct from their federal taxes for State and local taxes (a/k/a SALT).  Previously there was no cap on this deduction, and homeownership became more expensive for many residents of high tax states like New York, New Jersey, and California.  

Congressional Democrats are now looking at repealing that limit, which was instituted under the previous Republican administration (and some say unfairly targeted blue-leaning states).  The proposed repeal would last for five years and could significantly change the calculus for homeownership for many in New York City.  Stay tuned.