Young Research & Publishing Inc.

Investment Research Since 1978

Disclosure

  • About Us
    • Contributors
    • Archives
    • Dick Young’s Safe America
    • The Final Richard C. Young’s Intelligence Report
    • You’ve Read The Last Issue of Intelligence Report, Now What?
    • Dick Young’s Research Key: Anecdotal Evidence Gathering
    • Crisis at Vanguard
  • Investment Analysis
    • Bonds
    • Currencies and Gold
    • Dividend Investing
    • ETFs & Funds
    • Investment Strategy
    • Retirement Investing
    • Stocks
    • The Efficient Frontier
  • Investment Counsel
  • Retirement Compounders®
  • Free Email Signup

Trying to Prepay Your Property Taxes? Read This First

December 28, 2017 By Young Research

By ChristianChan @ Shutterstock.com

For those rushing to pre-pay 2018 property taxes in order to maintain full deductability of those sums, it might be time to examine new IRS guidance on the subject. At Bloomberg, John Voskuhl explains:

U.S. taxpayers can deduct their 2018 state and local property taxes on their 2017 returns if they pay those tax bills before the end of the year — and only if the taxes were assessed before 2018, according to the Internal Revenue Service.

The federal authority’s guidance reflects an effort to address some of the confusion triggered by the tax overhaul signed by President Donald Trump last week and the scramble in the high-tax states to avoid some of its provisions.

Homeowners in states with the highest property taxes have been peppering local officials with questions about how to prepay the levies to try to take advantage of a tax break that will be limited next year. They’re being encouraged by state officials, notably in New York and New Jersey, who are trying to facilitate such prepayments.

In the Washington D.C. suburbs, WTOP found a line of hundreds snaked through a local government building in Fairfax, Virginia, looking to prepay their 2018 bills. Fairfax County officials, strained by the crowds, are telling people to wire the money instead. In nearby Arlington County, Chief Deputy Treasurer Kim Rucker told local television station Fox 5 that the increased pace of residents looking to cover 2018 tax bills has prompted hundreds of calls during the normally quiet Christmas period, and dozens of prepayments a day.

The tax law, which Trump signed Dec. 22, has prompted some local governments to revise their rules in a bid to facilitate the last-minute change in federal tax strategies. The Montgomery County Council in Maryland broke its winter recess to pass a bill allowing residents to prepay 2018 taxes, the Washington Post reported. However, the county doesn’t appear to have completed its 2018 assessments — meaning its residents wouldn’t qualify under the new IRS guidance, the newspaper reported.

Read more here.

Share this:

  • Email
  • Twitter
  • Facebook

You Might Also Like:

  • Is Your State a Property Tax Hell?
  • Can You Lower Your Property Tax Bill in 8 Steps?
  • Happy Tax Freedom Day!
  • Author
  • Recent Posts
Young Research
Latest posts by Young Research (see all)
  • Does AI Need More Time to Cook? - June 5, 2023
  • Happy Memorial Day! - May 29, 2023
  • While America Cuts Out Coal, China Digs Faster - April 13, 2023

Search Young Research

Most Popular

  • Your Survival Guy Felt Like a U.N. Worker in Rome
  • The Mania in AI Stocks Has Arrived
  • Money Market Assets Hit Record High: $5.4 Trillion
  • Your Survival Guy in Rome 30-Years A.B. (After Babson)
  • The Future of the American City is This…
  • Vanguard Wellesley (VWINX) vs. Wellington (VWELX): Which Fund is Best?
  • A Three-Week International Research Trip to Paris via Rome
  • Is an Investment Property Disaster Looming?
  • The Power of a Compound Interest Table
  • Risk and Reward: An Efficient Frontier

Don’t Miss

Default Risk Among the Many Concerns with Annuities

Risk and Reward: An Efficient Frontier

How to be a Billionaire: Proven Strategies from the Titans of Wealth

Cryptocosm and Life After Google

Warning: Avoid Mutual Fund Year End Distributions

Is Gold a Good Long-term Investment?

How to Invest in Gold

Vanguard Wellington (VWELX): The Original Balanced Fund

What is the Best Gold ETF for Investing and Trading?

Procter & Gamble (PG) Stock: The Only True Dividend King

The Dividend King of the North

You’ll Love This if You’re Dreaming of an Active Retirement Life

The Importance of a Balanced Portfolio

Invest with Peace of Mind and Comfort

What Kind of Life Are You Investing For?

RSS The Latest at Richardcyoung.com

  • The Nickel Pickle from EVs
  • My Nephew Graduates, and I’m Larry the Cable Guy
  • Why Is the Media So Terrified of Robert F. Kennedy Jr.’s Ideas?
  • Sen. Rand Paul Says It’s Time to Fight Back Against the Woke Left
  • Should McCarthy Have Forced the Government’s Hand?
  • Will America Succumb to Intimidation from “The Group?”
  • Rewarding Loyalty with Ridicule
  • Rome, Paris, U.S.A.: Global Crisis in Confidence
  • June Is Retirement Compounders Month
  • Americans Scared of CBDC Control of Their Money

RSS The Latest at Yoursurvivalguy.com

  • My Nephew Graduates, and I’m Larry the Cable Guy
  • California Is Driving These Wealthy Businesses Out of the State
  • Rome, Paris, U.S.A.: Global Crisis in Confidence
  • Your Survival Guy’s Best Insider’s Guide to Rome
  • What Is a Fiduciary Duty? Are You Working with a Fiduciary?
  • Survive and Thrive June 2023: Your Survival Guy in Rome 30-Years A.B. (After Babson)
  • Birth Rates in France Worst Since Post-WWII Era
  • Your Survival Guy Felt Like a U.N. Worker in Rome
  • Social Security: Declining Italy Needs a Bambino Boom
  • ATTACK ON THE IVAN KHURS: Unmanned Vessels Changing Naval Warfare

About Us

  • About Young Research
  • Archives
  • Contributors

Our Partners

  • Richard C. Young & Co.
  • Richardcyoung.com

Copyright © 2023 | Terms & Conditions

 

Loading Comments...
 

    loading Cancel
    Post was not sent - check your email addresses!
    Email check failed, please try again
    Sorry, your blog cannot share posts by email.