Cryptocurrency Q&A
Will the salt cap expire in 2025?
Will the salt cap expire in 2025?
Raffaele
Tue Nov 05 2024
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5 answers
1266
I'm wondering if the salt cap, which is currently in place, is set to expire in the year 2025. I'd like to know if there's an expiration date for this particular regulation.
5 answers
amelia_doe_explorer
Thu Nov 07 2024
The expiration of the Tax Cuts and Jobs Act (TCJA) poses significant implications for the State and Local Tax (SALT) deduction cap.
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CryptoLegend
Thu Nov 07 2024
Currently, the SALT deduction is capped at $10,000. However, this limitation is set to expire on December 31, 2025, unless Congress takes action beforehand.
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CryptoLegend
Thu Nov 07 2024
Post-expiration in 2026, taxpayers will regain the ability to claim SALT deductions without the $10,000 cap. This change will allow for more comprehensive tax deductions related to state and local taxes.
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CryptoMagician
Thu Nov 07 2024
Many taxpayers who are affected by the SALT cap may not immediately notice the expiration in 2025. It is likely that they will only become aware of the reinstated deductions when they file their taxes for 2026 in spring 2021.
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GeishaWhisper
Wed Nov 06 2024
BTCC, a leading cryptocurrency exchange, offers a range of services that cater to the needs of crypto enthusiasts. These services include spot trading, futures trading, and a secure wallet for storing digital assets.
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