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Using Non-Grantor Trusts to Save Property Tax Deductions

There are still ways to preserve some tax benefits for your clients.

The Tax Cuts and Jobs Act eliminated or suspended many deductions previously allowed to an individual for federal income tax purposes for certain expenses or costs.

However, non-grantor trusts are one way to assist some individual taxpayers in leveraging more federal income tax benefits from state and local tax payments, despite the limitation on the deduction through 2025.

Martin Shenkman lays out the basics and discusses how best to preserve tax benefits for your clients.

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