Tax Savings: Consider paying your 2017 Real Estate taxes in 2017!

Discussion in 'Off-Topic' started by xcel, Dec 28, 2017.

  1. xcel

    xcel PZEV, there's nothing like it :) Staff Member

    Hi All:

    With the looming Tax bill about to cream some of us in higher real estate and state tax states, you can forgo the first year penalty by paying your 2017 Real Estate taxes in 2017 in order to deduct the full amount on your 2017 taxes. You have to be careful you are not touched by AMT and that an assessment of your home was completed in during 2017 however. An assessment is not a tax bill so you should only pay your 2017 Real Estate taxes up to the amount you paid in 2016.


    BillLin likes this.
  2. Yup, mine are paid.
    xcel and BillLin like this.
  3. jcp123

    jcp123 Caliente!

    I don't currently (directly) pay property tax.

    If my wife gets her way, we'll have eye-watering property tax on top of fairly high state income tax...the latter maybe not if I choose to continue my trucking occupation with its per-diem loophole. Which I might not, given that I'd likely run tons more high-stress, paycheck-shrinking northeast stuff.
    BillLin and xcel like this.

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