Prepaying 2018 State & Local taxes

[Rhea]

Reading about some municipalities passing laws to allow residents to pay their local taxes (property, mostly) in 2017 for next year’s bill so it can be written off. Anyone here heard about it?

 

[funinspace]

I know that you can prepay property taxes in NY state. Though one has to hit over $10,000 in state & local income and property taxes; and itemize, before it matters...

https://therealdeal.com/2017/12/26/cuomo-lets-new-yorkers-prepay-property-taxes/

 

[Rhea]

Just called the Town Clerk who cheerfully said she already has the tax bills and just come down to pre-pay - and that I've always been able to prepay, many people do it every year in our town.

Yay!

 

[fast]

Just called the Town Clerk who cheerfully said she already has the tax bills and just come down to pre-pay - and that I've always been able to prepay, many people do it every year in our town.

Yay!

Yay that you can prepay or yay that you can get the tax deduction earlier?

 

[bilby]

Google suggests that, while it might be possible to prepay, doing so may not be helpful:

The final version of the tax legislation includes a provision that would disallow a deduction in 2017 for any prepayment of 2018 state and local income taxes (otherwise known as SALT). Forbidding prepayment means taxpayers cannot take advantage of the current tax law, which is more generous.

Currently, taxpayers who itemize can deduct those expenses — which can be burdensome in high-tax states — on their federal tax return. The GOP bill imposes a $10,000 deduction cap on the combined value of SALT and property taxes beginning in tax year 2018.

Source.

 

[Rhea]

Not unequivocally positive, but, from what I can find:

1. Since the tax bill is dated 12/18/2017 then it is considered assessed in 2017 and is not technically "prepaid" but rather "paid on time" albeit at the very beginning of the 45 day period, and
2. If I can't write it off for this year, I wouldn't be able to write it off for next year anyway so nothing is lost

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Yay that you can prepay or yay that you can get the tax deduction earlier?

Yay that I can pay in 2017 in order to get the tax deduction at all.