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Old 12-28-2017, 10:35 AM   #26
Siberian13
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Easy there cowboy. Let's not rush the process.
I can't reverse what has happened
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Old 12-28-2017, 11:01 AM   #27
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IRS is disallowing deduction of pre-paid 2018 taxes. They need to be assessed in 2017 to be allowed so no use in prepayment.
Pre-payment was never going to be allowed.

But making sure in the next four days that your 2017 property taxes are all paid up is very important. Depending on your mortgage cycle, a lot of people have money stuck in Escrow, so instructing them to use those funds to get the as much of the 2017 bill paid as possible is the goal.

My current Escrow balance is $0. Everyone should do the same (who is itemizing in 2018).
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Old 12-28-2017, 05:06 PM   #28
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I can't reverse what has happened
Well then.... Happy Tax season?? lol
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Old 12-29-2017, 12:52 PM   #29
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Pre-payment was never going to be allowed.

But making sure in the next four days that your 2017 property taxes are all paid up is very important. Depending on your mortgage cycle, a lot of people have money stuck in Escrow, so instructing them to use those funds to get the as much of the 2017 bill paid as possible is the goal.

My current Escrow balance is $0. Everyone should do the same (who is itemizing in 2018).
Gotcha, yes, agreed there. I think I read it wrong after seeing all of the people talking about paying 2018 taxes in advance to try to claim them now.
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Old 12-29-2017, 05:33 PM   #30
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IRS is disallowing deduction of pre-paid 2018 taxes. They need to be assessed in 2017 to be allowed so no use in prepayment.
My general property tax was assessed before the end of the calendar year and we paid it all today. Thanks Cuomo.
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Old 12-30-2017, 11:40 PM   #31
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How much does the house have to worth for this to be an issue? $750K?
Here in Orange County , NY my taxes went up to 13k last year my house is worth right around 200k
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Old 12-31-2017, 01:47 AM   #32
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Does this matter if you won't hit your standard deductible for 2017 regardless?
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