Many deductions allowed to an individual for federal income tax purposes for certain expenses or costs incurred have been permanently eliminated, or suspended or limited until 2026 by the 2017 Tax Act(“Act”—also commonly known as the Tax Cuts and Jobs Act) for tax years after 2017.1The deduction under Section 164 for state and local income, sales, and property taxes has been limited to $10,000 annually for individual taxpayers including estates of decedents and non-grantor trusts3through 2025.
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