"Residents of high-tax states suffered the most with the previous cap on state and local taxes, because their taxes far exceeded the cap, they were not able to deduct the full amount like residents in low-tax states."
Residents of high-tax states suffered the most with the previous cap on state and local taxes (SALT), because their taxes far exceeded the cap, they were not able to deduct the full amount like residents in low-tax states.
According to the National Association of REALTORS®, 35% of homeowners in Virginia now exceed the federal capital gains tax exemption, potentially triggering thousands in federal and state taxes when they sell.
More than half of Oregon homeowners may face unexpected tax liabilities due to increased home equity exceeding federal capital gains tax exclusions, potentially losing significant profits on sales.
"We don't use these maps to determine risk â our private data is more reliable and tailored to what we see on the ground." â Janet Ruiz, Insurance Information Institute representative.