State and Local Tax (SALT) has the potential to do serious damage to our economy, so it’s vital that we educate our clients on the matter. As real estate professionals, what should we be aware of in terms of SALT? What should we be telling homeowners? What is the $10,000 cap on deductions, and how could it impact our clients? On this episode, CEO and License Partner of Engel & Völkers Chicago, Jennifer Ames, explains what SALT is, and how we should prepare our clients for it.
Everyone needs to be aware that SALT doesn’t only impact the wealthy, it affects everyone. -Jennifer Ames
Takeaways + Tactics
- Homeowners who can afford to leave are moving to states with lower taxes. As real estate professionals, we need to be aware of this.
- As agents, we need to know the tax trends across the country, so that we can advise our clients of the pressures they may face as homeowners.
- Inform clients of the $10,000 cap on tax deductions. This can have a big impact on homeowners (couples in particular), as that $10,000 applies to entire households, not individuals.