The SALT deduction is limited to an extremely small group of people: Before 2018 when the tax policies were revised, the SALT deduction — including state and local income taxes, and property taxes — was unlimited. But the alternative minimum tax reduced the benefit for some wealthy homeowners.You must itemize tax breaks, rather than claim the standard deduction, to benefit from SALT. During tax year 2022, only 10% of filers itemized deductions. (CNBC)

9/24/2025