The State of New Jersey is working on a loophole for the new tax bill. Under current law, property taxes over $10k are not tax deductible. However, New Jersey may make these taxes a ‘charitable’ expense, which would be tax deductible. Other states, including California, Nebraska, Virginia, and Washington are considering similar “workaround” legislation, according to the National Conference of State Legislatures.Want to know more? Read it here.
