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[quote="anon-4os8"]Sadly the current version of the combined House/Senate Bill disallows getting any benefit to pre-paying state, local or property taxes owed in 2018 in 2017. The bill expressly requires that such payment be counted in your 2018 taxes and not in your 2017 taxes, regardless of whether they were paid in 2017. It was a loophole in both the House and Senate versions that was closed in the reconciled bill. So, bottom line, unless the bill changes again (unlikely), there is no benefit to paying your property taxes early.[/quote]
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<table border="0" cellpadding="3" cellspacing="1" width="100%" class="forumline"> <tr> <th class="thCornerL" width="22%" height="26">Author</th> <th class="thCornerR">Message</th> </tr> <tr> <td width="22%" align="left" valign="top" class="row1"><span class="name"><a name=""></a><b>anon-s6p5</b></span></td> <td class="row1" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="templates/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Posted: Sat, Dec 23 2017, 2:32 pm EST<span class="gen"> </span> Post subject: Re: Feb Tax bill</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody">I mean all of you. And why do people keep calling out individuals with no factual basis on anything.</span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="templates/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> <tr> <td width="22%" align="left" valign="top" class="row2"><span class="name"><a name=""></a><b>anon-47o1</b></span></td> <td class="row2" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="templates/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Posted: Sat, Dec 23 2017, 2:13 pm EST<span class="gen"> </span> Post subject: Re: Feb Tax bill</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody"></span><table width="90%" cellspacing="1" cellpadding="3" border="0" align="center"><tr> <td><span class="genmed"><b>anon-s6p5 wrote:</b></span></td> </tr> <tr> <td class="quote">Why does every thread delegate to trolls adding no value?</td> </tr></table><span class="postbody"> <br /> <br />you mean Art?</span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="templates/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> <tr> <td width="22%" align="left" valign="top" class="row1"><span class="name"><a name=""></a><b>anon-s6p5</b></span></td> <td class="row1" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="templates/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Posted: Tue, Dec 19 2017, 5:47 pm EST<span class="gen"> </span> Post subject: Re: Feb Tax bill</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody">Why does every thread delegate to trolls adding no value?</span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="templates/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> <tr> <td width="22%" align="left" valign="top" class="row2"><span class="name"><a name=""></a><b>anon-19po</b></span></td> <td class="row2" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="templates/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Posted: Tue, Dec 19 2017, 4:32 pm EST<span class="gen"> </span> Post subject: Re: Feb Tax bill</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody"></span><table width="90%" cellspacing="1" cellpadding="3" border="0" align="center"><tr> <td><span class="genmed"><b>anon-42q6 wrote:</b></span></td> </tr> <tr> <td class="quote">Just wait till Murphy takes office! Our taxes are gonna go sky high! But ya voted for him! Democratics=Higher taxes!!!!</td> </tr></table><span class="postbody"> <br /> <br />And just who is "they"? Ask Mr Scott and his cronies! Thank God we don't have more Indivisible Democrats on the town council. Who knows what they would do to our property taxes. <br /> <br />Wait and see how Murphy screws us!</span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="templates/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> <tr> <td width="22%" align="left" valign="top" class="row1"><span class="name"><a name=""></a><b>anon-42q6</b></span></td> <td class="row1" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="templates/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Posted: Tue, Dec 19 2017, 12:26 pm EST<span class="gen"> </span> Post subject: Re: Feb Tax bill</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody">Just wait till Murphy takes office! Our taxes are gonna go sky high! But ya voted for him! Democratics=Higher taxes!!!!</span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="templates/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> <tr> <td width="22%" align="left" valign="top" class="row2"><span class="name"><a name=""></a><b>anon-88r5</b></span></td> <td class="row2" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="templates/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Posted: Tue, Dec 19 2017, 11:50 am EST<span class="gen"> </span> Post subject: Re: Feb Tax bill</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody">There is a correction. I spoke with my accountant today. The bill did disallow pre-paying state and local income taxes. However, it did not remove the credit for pre-paying property taxes for those who can do so. Not wanting to make a mistake I googled it and found this to be correct on a number of sites. <br /> <br /> <br />Here are two links: <br /><a href="https://mobile.nytimes.com/2017/12/18/business/how-prepaying-state-and-local-taxes-could-save-you-money.html?referer=https://www.google.com/" target="_blank">https://mobile.nytimes.com/2017/12/18/business/how-prepaying-state-and-local-taxes-could-save-you-money.html?referer=https://www.google.com/</a> <br /> <br /><a href="https://taxfoundation.org/prepaying-state-and-local-tax-deduction-conference-report/" target="_blank">https://taxfoundation.org/prepaying-state-and-local-tax-deduction-conference-report/</a></span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="templates/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> <tr> <td width="22%" align="left" valign="top" class="row1"><span class="name"><a name=""></a><b>anon-s6p5</b></span></td> <td class="row1" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="templates/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Posted: Mon, Dec 18 2017, 9:27 pm EST<span class="gen"> </span> Post subject: Re: Feb Tax bill</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody"></span><table width="90%" cellspacing="1" cellpadding="3" border="0" align="center"><tr> <td><span class="genmed"><b>anon-4695 wrote:</b></span></td> </tr> <tr> <td class="quote"></span><table width="90%" cellspacing="1" cellpadding="3" border="0" align="center"><tr> <td><span class="genmed"><b>anon-s6p5 wrote:</b></span></td> </tr> <tr> <td class="quote">Correct. Sadly they really are out to penalize states like NJ.</td> </tr></table><span class="postbody"> <br /> <br />And just who is "they"? Ask Ms. Witt's cronies! Thank God we don't have more Republicans on the town council. Who knows what they would do to our property taxes. <br /> <br />We should organize to get voters in Republican congressional districts in NJ to throw out their Republican bums who voted for this alleged tax cut.</td> </tr></table><span class="postbody"> <br /> <br />Sadly until we have a tax system that is not based on a wage scale as cost of living is so varied we'll have these issues from both parties. A family making 100k in NJ is eligible for affordable housing. A family making 100k in Kansas is rich. The Republocans just cost NJ residents. But, Bill Clinton did the same with his tax increase as did George Bush Sr. <br /> <br />There is no political party that really wants to do positive tax change.</span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="templates/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> <tr> <td width="22%" align="left" valign="top" class="row2"><span class="name"><a name=""></a><b>anon-4695</b></span></td> <td class="row2" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="templates/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Posted: Mon, Dec 18 2017, 6:28 pm EST<span class="gen"> </span> Post subject: Re: Feb Tax bill</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody"></span><table width="90%" cellspacing="1" cellpadding="3" border="0" align="center"><tr> <td><span class="genmed"><b>anon-s6p5 wrote:</b></span></td> </tr> <tr> <td class="quote">Correct. Sadly they really are out to penalize states like NJ.</td> </tr></table><span class="postbody"> <br /> <br />And just who is "they"? Ask Ms. Witt's cronies! Thank God we don't have more Republicans on the town council. Who knows what they would do to our property taxes. <br /> <br />We should organize to get voters in Republican congressional districts in NJ to throw out their Republican bums who voted for this alleged tax cut.</span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="templates/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> <tr> <td width="22%" align="left" valign="top" class="row1"><span class="name"><a name=""></a><b>anon-s6p5</b></span></td> <td class="row1" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="templates/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Posted: Mon, Dec 18 2017, 4:53 pm EST<span class="gen"> </span> Post subject: Re: Feb Tax bill</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody">Correct. Sadly they really are out to penalize states like NJ.</span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="templates/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> <tr> <td width="22%" align="left" valign="top" class="row2"><span class="name"><a name=""></a><b>anon-4os8</b></span></td> <td class="row2" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="templates/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Posted: Mon, Dec 18 2017, 4:48 pm EST<span class="gen"> </span> Post subject: Re: Feb Tax bill</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody">Sadly the current version of the combined House/Senate Bill disallows getting any benefit to pre-paying state, local or property taxes owed in 2018 in 2017. The bill expressly requires that such payment be counted in your 2018 taxes and not in your 2017 taxes, regardless of whether they were paid in 2017. It was a loophole in both the House and Senate versions that was closed in the reconciled bill. <br /> <br />So, bottom line, unless the bill changes again (unlikely), there is no benefit to paying your property taxes early.</span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="templates/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> <tr> <td width="22%" align="left" valign="top" class="row1"><span class="name"><a name=""></a><b>anon-88r5</b></span></td> <td class="row1" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="templates/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Posted: Mon, Dec 18 2017, 12:52 pm EST<span class="gen"> </span> Post subject: Feb Tax bill</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody">As an FYI, with the new tax bill limiting the tax deduction for property and income tax those who pay their own property taxes may want to pay the February tax bill in advance. Since the tax deduction next year is capped at 10K including property and income taxes, by paying in advance you can get full credit in 2017 for the amount you pay.</span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="templates/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> </table>
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