Is it a tax or a donation?
As part of the TCJA passed by the Trump administration last year, one of the changes made was a limit to the personal deductibility of state taxes, real estate taxes, and personal property taxes to $10,000 in total. Now, is that significant? Maybe, maybe not. Many people in higher tax states like California and the northeast will quickly run up against that limit. Now before we get into whether it's fair or not, the practical impact of the entire adjusted tax structure nee