Re:Vermont will cover $10K of expenses for people who move t...
by dpark on Thursday May 31, 2018 @11:47AM
(#17197175)
You can deduct it but that doesn’t reduce federal taxes by that amount. If you’re in the 25% federal tax bracket, being able to deduct that 8% state tax effectively turns it into 6% additional tax which is still a lot if you weren’t paying it before.
Edit: others pointed out that this deduction is now capped, which I didn’t realize.
Edit: others pointed out that this deduction is now capped, which I didn’t realize.