George Reinhardt

Starting with 2021 tax returns, Form 7203 replaces an unfiled worksheet for figuring a shareholder’s stock and debt basis. Form 7203’s purpose is to figure potential limitations on what an individual taxpayer may deduct on their tax return from their…

The 2017 Federal Tax Cuts and Jobs Act limited an individual's annual federal itemized deduction for state and local taxes (“SALT”) to $10,000 per year.