Trend Results : Property Tax Deduction

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Lawmakers seek IRS property tax deduction clarification

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

Tax experts: Prepaid property taxes may be deductible after all

Some experts are discouraging local lawmakers from offering refunds, saying that would further jeopardize the chance of deductibility.

Manhattan Median Apartment Rents Crash To Lowest Levels Since 2014

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

Menendez wants IRS to rescind directive on prepaid taxes

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 »

Montgomery has received more than 20 boxes of mail with prepaid property taxes

After passage of emergency bill, property owners shelled out millions in hopes of a deduction they will not get.

People in Washington, DC, rushed to prepay $50 million in taxes to dodge the GOP tax law

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.

Saturday News: So much for philanthropy

3 months agoUS Politics / Liberal : BlueNC

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

Confusion Reigns As People Race To Prepay (And Deduct) Property Taxes By Year-End

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...

LOOP: Homeowners scramble to pay taxes early ahead of new law

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.  PC DRIVER  A professional race car driver [...]

If your prepaid property taxes don’t qualify for deductions, will you be refunded?

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.

NC taxpayers are racing to prepay 2018 property taxes and save. The IRS says it won’t work.

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 »

IRS to property tax prepayers: Not so fast!

3 months agoNews : USAToday: News

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.        

IRS says it's possible to prepay some property tax this year to save money. Here are the rules

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...

SALT Update: Property Tax Prepayments Need an Assessment

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: […]

Some homeowners see prepaying property taxes as way to save this year and next

3 months agoNews : USAToday: News

Not all states allow it. But taxpayers in those that do are hoping for bigger deductions for this tax year.        

Malloy won't be requiring early tax payments to be accepted

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 »

Some N.J. homeowners rush to prepay 2018 property taxes before new tax law takes hold

3 months agoNews : USAToday: News

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.        

Tax bill spawns new holiday ritual: Waiting in line to pay taxes

Residents of high-tax states try to avoid deduction cap by paying future property tax bills now.

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