Cap on Tax Deductions Boosts Demand for Lower-Tax Homes as High-End Sales Stagnate
In the News
08.02.19 | Newsday | By Maura McDermott
The $10,000 cap on deductions for state and local taxes has spurred demand for Long Island homes with relatively low property taxes and contributed to a slowdown in the high-end market, real estate professionals say. Berdon tax partner Jude Coard argues that the impact is more complicated. Some Long Islanders earning more than $250,000 benefited from the massive 2017 tax overhaul, while for other high-earning professionals, among them attorneys, changes such as lower top tax rates were not enough to offset the reduced deductions for state and local taxes.
This article originally appeared in Newsday.