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Old 12-18-2017, 03:12 PM   #1
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Default Pay your 2017 Property Taxes and Estimated State Taxes NOW!

I'm not looking to make this political at all ... so please avoid doing so if you can. Just a touch of advice.

Tomorrow, it's very likely that Congress will pass a tax reform package that will effect most everyone (in either a positive or negative way). One of the provisions of the tax bill is that the maximum deduction anyone can take from the total of their state and local tax payments is $10,000. So for example if you live in NY and you pay $9,000 in property tax and $6,000 in state taxes, the most you can claim as an itemized deduction is $10,000 (previously, it was uncapped).

So, in 2018, the $10,000 limit is likely to go in effect. This means that if you wait to make an estimated tax payment until January 15th and/or your mortgage company / bank does not pay your property taxes until 2018, you might lose out on the ability to deduct these two payments in a future tax return. Best to pay them now, and know you can still itemize everything in 2017.

If you're a tax filer that does not itemize and always takes the standard deduction, then this message is of no concern. If you itemize and will still itemize in 2018 with the standard deduction for couples to be ~$24,000 ... take advantage of an early tax payment today so you can claim the full itemized deduction.
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Old 12-18-2017, 05:16 PM   #2
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Originally Posted by NeedChapmans View Post
I'm not looking to make this political at all ... so please avoid doing so if you can. Just a touch of advice.

Tomorrow, it's very likely that Congress will pass a tax reform package that will effect most everyone (in either a positive or negative way). One of the provisions of the tax bill is that the maximum deduction anyone can take from the total of their state and local tax payments is $10,000. So for example if you live in NY and you pay $9,000 in property tax and $6,000 in state taxes, the most you can claim as an itemized deduction is $10,000 (previously, it was uncapped).

So, in 2018, the $10,000 limit is likely to go in effect. This means that if you wait to make an estimated tax payment until January 15th and/or your mortgage company / bank does not pay your property taxes until 2018, you might lose out on the ability to deduct these two payments in a future tax return. Best to pay them now, and know you can still itemize everything in 2017.

If you're a tax filer that does not itemize and always takes the standard deduction, then this message is of no concern. If you itemize and will still itemize in 2018 with the standard deduction for couples to be ~$24,000 ... take advantage of an early tax payment today so you can claim the full itemized deduction.
Thank you. That’s a great idea. Now, to pay next month’s mortgage
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Old 12-18-2017, 05:41 PM   #3
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Now as in NOW!!! or Now as in before 12/31?
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Old 12-18-2017, 06:29 PM   #4
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Now as in NOW!!! or Now as in before 12/31?
before 12/31
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Old 12-18-2017, 06:48 PM   #5
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Now as in NOW!!! or Now as in before 12/31?
12/31.

So long as your payments are made this calendar year, you can include them as part of your 2017 tax year return.
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Old 12-18-2017, 06:53 PM   #6
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For people that have mortgages, your property taxes are more than likely escrowed and it would be beneficial to call them and make sure they pay by 12/31 as OP mentioned.

If you pay any type of Home Owners Insurance, or HOA I would check with an Acct and see if there is any benefit to prepay for ‘18 if you happen to have the funds.


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Old 12-20-2017, 05:24 PM   #7
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For people that have mortgages, your property taxes are more than likely escrowed and it would be beneficial to call them and make sure they pay by 12/31 as OP mentioned.

If you pay any type of Home Owners Insurance, or HOA I would check with an Acct and see if there is any benefit to prepay for ‘18 if you happen to have the funds.


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HOA dues are never deductible/"itemizable" when it comes to personal income taxes.
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Old 12-20-2017, 07:41 PM   #8
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HOA dues are never deductible/"itemizable" when it comes to personal income taxes.


Right I know monthly dues are not deductible, I have a MUD tax from the water and garbage that services all home owners in our community that we have to pay annually. Sorry for the confusion, that’s why I never do my own taxes and use a CPA. lol

Thank you for providing clarification.


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Old 12-20-2017, 07:55 PM   #9
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HOA dues are never deductible/"itemizable" when it comes to personal income taxes.
They have been if it's on an investment property, but that's a business expense deduction. I do not yet know if that has changed, although I don't expect it did.
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Old 12-20-2017, 07:59 PM   #10
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Connecticut problems.

In reality it is time to start planning

Yes I’m a CPA
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Old 12-21-2017, 10:10 AM   #11
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This new tax act also disallows hobby deductions that are subject to the 2% limitation reported on Schedule A starting with the 2018 tax year: https://www.blowoutforums.com/showth...2#post13067792
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Old 12-21-2017, 10:30 AM   #12
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How much does the house have to worth for this to be an issue? $750K?
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Old 12-21-2017, 10:51 AM   #13
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How much does the house have to worth for this to be an issue? $750K?
Not even close - in IL the taxes on an average 300k house are 10k per year. Throw in the state taxes and this new plan hurts.
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Old 12-21-2017, 11:23 AM   #14
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Not even close - in IL the taxes on an average 300k house are 10k per year. Throw in the state taxes and this new plan hurts.
The three big benefits of the new tax code are and extra $1,000 tax credit per child (some of it refundable against payroll taxes), lower income brackets for everyone and a much lower corporate tax rate which is supposed to bump the economy to the next level.

The primary loser is a person without children in a high taxed state (NY, IL, CA, CT, MA) that owns property. Variations of this kind of person means smaller losses, but if you own property in one of these states and consider yourself middleish class, you likely lose.

Anyone that planned to take the standard deduction in 2018 is a winner. Those that didn't ... iffy.
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Last edited by NeedChapmans; 12-21-2017 at 11:25 AM.
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Old 12-27-2017, 10:35 PM   #15
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Does this change anything?

https://news.google.com/news/amp?cau...%2F#pt0-382519
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Old 12-27-2017, 10:47 PM   #16
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The three big benefits of the new tax code are and extra $1,000 tax credit per child (some of it refundable against payroll taxes), lower income brackets for everyone and a much lower corporate tax rate which is supposed to bump the economy to the next level.

The primary loser is a person without children in a high taxed state (NY, IL, CA, CT, MA) that owns property. Variations of this kind of person means smaller losses, but if you own property in one of these states and consider yourself middleish class, you likely lose.

Anyone that planned to take the standard deduction in 2018 is a winner. Those that didn't ... iffy.
Hooray.

Fwiw the $1k tax credit per child is not as simple as you’re making it seem. From what I’m told by one of the tax attorneys I know. It’s a $1k tax credit but they are removing a $4k tax deduction. In essence it’s a wash for folks in a 25% bracket.
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Old 12-27-2017, 11:17 PM   #17
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I’m sticking it to the government

I have a sweet futon in my parent’s basement and only pay $80/ month rent

Plus free cable and mom does laundry

Read this morning that IRS said paying early might not matter and bunch of confusion in Virginia

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Old 12-27-2017, 11:33 PM   #18
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pshhhhh taxes... who pays taxes?

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Old 12-28-2017, 08:34 AM   #19
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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.
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Old 12-28-2017, 08:35 AM   #20
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pshhhhh taxes... who pays taxes?

You get it. Paying taxes is for suckas!
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Old 12-28-2017, 08:40 AM   #21
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You get it. Paying taxes is for suckas!


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Old 12-28-2017, 08:47 AM   #22
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I’m going to need a change of pants ASAP!
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Old 12-28-2017, 08:52 AM   #23
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Payment sent.
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Old 12-28-2017, 09:12 AM   #24
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I’m going to need a change of pants ASAP!
Easy there cowboy. Let's not rush the process.
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Old 12-28-2017, 09:56 AM   #25
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Upon reflection the notion of giving even more of my money up front is repulsive.
I'm going to just let the chips fall where they may.
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