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Sunny10
LIF Adult
Member since 10/10 1287 total posts
Name:
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Is anyone paying their property tax early because of new tax bill?
I usually pay mine in January but I can now and I am reading it would be claimed under 2017 taxes. Then 2018 I would write off half for that year. I am not sure if there is a downside to this.
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Posted 12/21/17 9:08 AM  |
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Long Island Weddings
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Is anyone paying their property tax early because of new tax bill?
I always just pay may December so I have 2 payments each year. My taxes are under 10k though so I’m not affected just yet
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| Posted 12/21/17 9:21 AM |
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mommy2be716
LIF Adult
Member since 1/16 2921 total posts
Name:
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Is anyone paying their property tax early because of new tax bill?
my parents are doing that because their taxes are 13k. My taxes used to be over 10k, but they went down to 8500 after I grieved last year. So I don't need to.
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| Posted 12/21/17 9:25 AM |
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Salason
♥
Member since 6/05 9878 total posts
Name:
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Re: Is anyone paying their property tax early because of new tax bill?
Posted by TwinMommyToBoys
I always just pay may December so I have 2 payments each year. My taxes are under 10k though so I’m not affected just yet
It's your property taxes and your state income tax so even thought you're under <10k on the property tax, it still could benefit you to do this.
My accountant called me yesterday to tell me to do this.
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| Posted 12/21/17 9:25 AM |
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Jenn79
One more?
Member since 2/12 2410 total posts
Name:
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Re: Is anyone paying their property tax early because of new tax bill?
nevermind. Saw previous post
Message edited 12/21/2017 10:07:02 AM.
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| Posted 12/21/17 9:25 AM |
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MrsO
Big Brothers to Be
Member since 1/07 4520 total posts
Name:
Maureen
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Re: Is anyone paying their property tax early because of new tax bill?
Posted by mommy2be716
my parents are doing that because their taxes are 13k. My taxes used to be over 10k, but they went down to 8500 after I grieved last year. So I don't need to.
10k is the max for property and state taxes. So it might be beneficial to prepay as long as you are not in the amt this year. You should consult your accountant if you have one.
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| Posted 12/21/17 10:08 AM |
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MamaBear2
LIF Infant
Member since 1/16 233 total posts
Name:
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Re: Is anyone paying their property tax early because of new tax bill?
I work for an accounting firm and we are getting in touch with clients today to tell them to do this.
However you can not prepay if it is for the 2018 tax year. You have to check your tax bills to see if your taxes are for a fiscal year or calendar year.
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| Posted 12/21/17 10:54 AM |
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DrMeg
Back home!
Member since 5/08 1858 total posts
Name:
Meg
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Is anyone paying their property tax early because of new tax bill?
At least in nassau I don’t think you can prepay the State part of the taxes. But I’ve read you can prepay the school tax portion, which is what DH and I plan on doing. We have a call into our accountant to make sure we do the right thing.
Message edited 12/21/2017 10:57:06 AM.
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| Posted 12/21/17 10:56 AM |
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NervousNell
Just another chapter in life..
Member since 11/09 54917 total posts
Name:
..being a mommy and being a wife!
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Re: Is anyone paying their property tax early because of new tax bill?
I'm confused. I pay my property taxes each month with my mortgage payment.
Are you saying you will pay the whole yearly tax bill (let's say $10K) for example in one lump sum now?
How does that work with your mortgage payment then? You just deduct the taxes?
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| Posted 12/21/17 10:56 AM |
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Salason
♥
Member since 6/05 9878 total posts
Name:
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Re: Is anyone paying their property tax early because of new tax bill?
Posted by NervousNell
I'm confused. I pay my property taxes each month with my mortgage payment.
Are you saying you will pay the whole yearly tax bill (let's say $10K) for example in one lump sum now?
How does that work with your mortgage payment then? You just deduct the taxes?
You have to call them and tell them you no longer want to escrow and then pay the taxes and insurance out of pocket.
ETA: there seems to be a misconception that this is just a property tax cap. Since it's property taxes AND state and local income taxes, I'd think just about everyone who owns a home in the tri state area would exceed this cap.
Message edited 12/21/2017 11:14:29 AM.
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| Posted 12/21/17 11:12 AM |
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MsSissy
xoxoxo
Member since 3/07 39159 total posts
Name:
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Re: Is anyone paying their property tax early because of new tax bill?
Posted by NervousNell
Are you saying you will pay the whole yearly tax bill (let's say $10K) for example in one lump sum now?
It's usually in 2 payments. Every 6 months.
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| Posted 12/21/17 11:13 AM |
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mommy2be716
LIF Adult
Member since 1/16 2921 total posts
Name:
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Re: Is anyone paying their property tax early because of new tax bill?
Posted by MrsO
Posted by mommy2be716
my parents are doing that because their taxes are 13k. My taxes used to be over 10k, but they went down to 8500 after I grieved last year. So I don't need to.
10k is the max for property and state taxes. So it might be beneficial to prepay as long as you are not in the amt this year. You should consult your accountant if you have one.
oh ok maybe i should look into this then. I have my tax payments escrowed, but I will look into reversing that and pre-paying. Thanks
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| Posted 12/21/17 11:33 AM |
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mommy2be716
LIF Adult
Member since 1/16 2921 total posts
Name:
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Re: Is anyone paying their property tax early because of new tax bill?
Posted by NervousNell
I'm confused. I pay my property taxes each month with my mortgage payment.
Are you saying you will pay the whole yearly tax bill (let's say $10K) for example in one lump sum now?
How does that work with your mortgage payment then? You just deduct the taxes?
you can call and ask if theres enough money in your escrow to be able to pay the 2nd half of your tax bill right now
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| Posted 12/21/17 11:41 AM |
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tray831
Dee-licious!
Member since 3/06 5355 total posts
Name:
His Baby
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Re: Is anyone paying their property tax early because of new tax bill?
I also thought that some Mortgage companies won't allow this. That Property taxes must be paid through them.
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| Posted 12/21/17 12:14 PM |
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lightblue
LIF Adult
Member since 1/17 2249 total posts
Name:
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Re: Is anyone paying their property tax early because of new tax bill?
I pay my taxes through my mortgage and I can't afford it in a lump sum but I called my accountant yesterday and apparently a lot of their clients have been asking about this. This way way they can claim it for 2017 vs 2018 when the new tax bill goes into effect.
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| Posted 12/21/17 12:16 PM |
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Blazesyth
*yawn*
Member since 5/05 8129 total posts
Name:
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Re: Is anyone paying their property tax early because of new tax bill?
Posted by MamaBear2
I work for an accounting firm and we are getting in touch with clients today to tell them to do this.
However you can not prepay if it is for the 2018 tax year. You have to check your tax bills to see if your taxes are for a fiscal year or calendar year.
The tax bill I just got in the mail is for Dec 2017 thru Nov 2018. First payment due 1/10/18 and second payment due in May. I assume that would be considered 2018 taxes (that wont help if I prepay)?
Found this - prepaying 2018 taxes is blocked in new tax bill
Message edited 12/21/2017 12:53:19 PM.
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| Posted 12/21/17 12:50 PM |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: Is anyone paying their property tax early because of new tax bill?
Posted by Blazesyth
Posted by MamaBear2
I work for an accounting firm and we are getting in touch with clients today to tell them to do this.
However you can not prepay if it is for the 2018 tax year. You have to check your tax bills to see if your taxes are for a fiscal year or calendar year.
The tax bill I just got in the mail is for Dec 2017 thru Nov 2018. First payment due 1/10/18 and second payment due in May. I assume that would be considered 2018 taxes (that wont help if I prepay)?
Found this - prepaying 2018 taxes is blocked in new tax bill
From reading that article it appears it is talking about state and local income taxes being blocked not property taxes
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| Posted 12/21/17 12:59 PM |
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Sunny10
LIF Adult
Member since 10/10 1287 total posts
Name:
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Re: Is anyone paying their property tax early because of new tax bill?
Posted by Blazesyth
Posted by MamaBear2
I work for an accounting firm and we are getting in touch with clients today to tell them to do this.
However you can not prepay if it is for the 2018 tax year. You have to check your tax bills to see if your taxes are for a fiscal year or calendar year.
The tax bill I just got in the mail is for Dec 2017 thru Nov 2018. First payment due 1/10/18 and second payment due in May. I assume that would be considered 2018 taxes (that wont help if I prepay)?
Found this - prepaying 2018 taxes is blocked in new tax bill
This is exactly mine. I am trying to find out about this. If it is payable starting Dec 1, 2017, then it could be on the 2017 year I assume
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| Posted 12/21/17 1:12 PM |
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Sunny10
LIF Adult
Member since 10/10 1287 total posts
Name:
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Re: Is anyone paying their property tax early because of new tax bill?
Posted by JandJ1224
Posted by Blazesyth
Posted by MamaBear2
I work for an accounting firm and we are getting in touch with clients today to tell them to do this.
However you can not prepay if it is for the 2018 tax year. You have to check your tax bills to see if your taxes are for a fiscal year or calendar year.
The tax bill I just got in the mail is for Dec 2017 thru Nov 2018. First payment due 1/10/18 and second payment due in May. I assume that would be considered 2018 taxes (that wont help if I prepay)?
Yes, exactly. Property taxes is not included in this.
Found this - prepaying 2018 taxes is blocked in new tax bill
From reading that article it appears it is talking about state and local income taxes being blocked not property taxes
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| Posted 12/21/17 1:13 PM |
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Sunny10
LIF Adult
Member since 10/10 1287 total posts
Name:
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Re: Is anyone paying their property tax early because of new tax bill?
I just read on website that my tax year starts Dec 1, 2017- November 2018
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| Posted 12/21/17 1:18 PM |
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mommy2be716
LIF Adult
Member since 1/16 2921 total posts
Name:
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Re: Is anyone paying their property tax early because of new tax bill?
Posted by Blazesyth
Posted by MamaBear2
I work for an accounting firm and we are getting in touch with clients today to tell them to do this.
However you can not prepay if it is for the 2018 tax year. You have to check your tax bills to see if your taxes are for a fiscal year or calendar year.
The tax bill I just got in the mail is for Dec 2017 thru Nov 2018. First payment due 1/10/18 and second payment due in May. I assume that would be considered 2018 taxes (that wont help if I prepay)?
Found this - prepaying 2018 taxes is blocked in new tax bill
this article is helpful, however it does not disallow you from paying the 2nd half of your school tax bill now. For some people on here, paying that now would put you under the 10k threshold
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| Posted 12/21/17 7:31 PM |
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lululu
LIF Adult
Member since 7/05 9508 total posts
Name:
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Re: Is anyone paying their property tax early because of new tax bill?
We are prepaying the amount that related to 2017. It's about $5k. We called our mortgage company and because everyone that can do this is trying to do it, they are very well versed in what is allowed and what is not allowed. If you pay your taxes through a mortgage company call them and ask. They can walk you through it. Anyone on Long Island who can do this, should.
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| Posted 12/21/17 8:47 PM |
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Chai77
Brighter days ahead
Member since 4/07 7364 total posts
Name:
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Re: Is anyone paying their property tax early because of new tax bill?
I hope you Trump supporters are happy.
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| Posted 12/21/17 10:48 PM |
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FTM427
LIF Adult
Member since 1/12 1261 total posts
Name:
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Re: Is anyone paying their property tax early because of new tax bill?
Posted by Chai77
I hope you Trump supporters are happy.
It wasn't just Trump writing the new tax code. Everyone is so quick to just blame him. Also have you done any research into your specific tax scenario? while there is a 10k cap for this item....there are other things which end up benefiting. Yes while it does seem that this directly affects blue states (tend to be high income/high taxes) myself personally I'll actually be saving several thousand dollars even though this dedication is now capped.
Also everyone is all in a tizzy about this specific deduction but the standard deduction is doubling so many people won't even end up itemizing and this deduction becomes a mute point. That's why I asked if people have actually researched their specific situation before they prepay thousands of dollars of property tax.
Message edited 12/26/2017 4:15:51 PM.
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| Posted 12/22/17 4:07 AM |
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ChristinaM128
LIF Adult
Member since 8/12 4043 total posts
Name:
Christina
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Re: Is anyone paying their property tax early because of new tax bill?
Posted by FTM427
Posted by Chai77
I hope you Trump supporters are happy.
It wasn't just Trump writing the new tax code...both Democrats and Republicans voted yes to it. Also have you done any research into your specific tax scenario? while there is a 10k cap for this item....there are other things which end up benefiting. Yes while it does seem that this directly affects blue states (tend to be high income/high taxes) myself personally I'll actually be saving several thousand dollars even though this dedication is now capped.
You may save now, but look at the projections for 10 years down the road. This governing body we have in office now will always favor corporate and the very wealthy over anyone else. Just wool over eyes for now.
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| Posted 12/22/17 6:45 AM |
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