Are you still waiting to file your taxes because you want additional guidance from the Internal Revenue Service about the 2018 property taxes you prepaid last year? You are not alone. A group of Democratic lawmakers, some of who metShow More Summary
The state gets creative after the GOP tax bill caps deductions.
Some experts are discouraging local lawmakers from offering refunds, saying that would further jeopardize the chance of deductibility.
Whether due to a massive flood of new supply or Trump's tax plan, which caps SALT, mortgage interest and property tax deductions, New York City landlords are suddenly in the unenviable position of having to slash rental rates to attract...Show More Summary
New Jersey's senior U.S. senator wants the IRS to rescind its directive that would bar taxpayers from deducting their prepaid 2018 property taxes from their 2017 federal taxes. The IRS … Click to Continue »
After passage of emergency bill, property owners shelled out millions in hopes of a deduction they will not get.
The new Republican tax law limits the amount of state and local taxes a filer can deduct from their federal tax bill. The law also allowed people to prepay their 2018 property taxes before the end of 2017 to get the full deduction. In...Show More Summary
WAIT, I THOUGHT WANTING TO PAY LESS IN TAXES WAS UNPATRIOTIC: Confusion Reigns As People Race To Prepay (And Deduct) Property Taxes By Year-End.
NEW TAX LAW COULD DEAL DEATH BLOW TO CHARITIES AND NON-PROFITS: Taxpayers claim charitable contributions, along with mortgage interest, property taxes and some other expenses, as deductions from their taxable income if they itemize and the total exceeds the standard deduction. Show More Summary
IR-2017-210, Prepaid Real Property Taxes May Be Deductible in 2017 if Assessed and Paid in 2017: The Internal Revenue Service advised tax professionals and taxpayers today that pre-paying 2018 state and local real property taxes in 2017 may be tax deductible under certain circumstances. The IRS has received a number...
TAX CHANGE Taxpayers in high-tax blue states are scrambling to pay their full property tax bill for 2018 by December 31st so that they can fully deduct the payment on their taxes. Starting Jan. 1, there’s a $10,000 cap on deductions for property and state and local taxes. http://cvote.it/2CeEnap PC DRIVER A professional race car driver [...]
As residents scramble to prepay their property taxes before Jan. 1, many are uncertain whether this strategy will actually work. Here's a look at how jurisdictions in the Washington region are handling these payments.
Hundreds of taxpayers across the Triangle have rushed to prepay their 2018 property taxes, hoping to claim a deduction before new federal tax policies take effect and cap the amount … Click to Continue »
The nation's tax agency says prepaid property taxes may be deductible in 2017. but only if the levies are also assessed by municipalities before 2018.
For households rushing to prepay property taxes before a new cap on deductions takes effect, the IRS released some good news Wednesday: In many cases, it will allow such a maneuver. That had been up for debate, because the new tax law was silent on such a scenario, even though it specifically prohibits...
The tax world has been ablaze the last several weeks with discussion of ways to mitigate the Tax Cuts and Jobs Act’s limitation of the state and local taxes paid deduction. The bill previously stated that individuals couldn’t prepay state and local income taxes, but it made no mention of property taxes, raising the question: […]
Not all states allow it. But taxpayers in those that do are hoping for bigger deductions for this tax year.
Democratic Gov. Dannel P. Malloy does not plan to sign an executive order to allow pre-payments of local property taxes, a move that would let residents to deduct the payment … Click to Continue »
About half of Bergen and Essex homeowners pay more than the new deduction cap of $10,000, as do 35% and 40% of Passaic and Morris homeowners.
Residents of high-tax states try to avoid deduction cap by paying future property tax bills now.