Our tax guy sent email today saying if our property taxes not impounded, consider paying 2017-2018 property taxes by Dec 31st.
Assume due the $10k SALT cap deduction.
We live in CA.
Anyone else getting this type of advice or just doomsday scenario?
We’ve always paid our July 1 to June 30 property tax bill by Dec 31 since we’ve owned a home.
Ours is always due the end of February. We get the notice in September/October.
In trying to pay taxes forward, my New Hampshire town stated, "We are not set up to do that."
Tell your CPA nice try, but the GOPe made pre-paying your taxes illegal in the Tax Increase and Deduction Elimination Act.
https://www.cnbc.com/2017/12/18/prepaying-2018-state-income-taxes-is-blocked-in-gop-bill.html
"Thinking about prepaying some of your 2018 taxes in advance of limitations imposed by the Republican tax plan? Well, forget about it. The final version of the tax legislation includes a provision that would disallow a deduction in 2017 for any prepayment of 2018 state and local income taxes (otherwise known as SALT)."
If you live in CA, expect great changes in your upcoming SAL elections in the next several years. GREAT CHANGES!
So sorry....about living in CA. It’s a beautiful state but unfortunately has been made unlivable by Libs. It would take more than a miracle to fix it now I’m afraid. I think we’ll be seeing more ‘Conservative flight’ from states like CA and that will make a bad problem worse but until it is completely bankrupt I don’t see it getting better unless they split the state into smaller states.
Here in E. TN, I live in a beautiful state, in the foothills of the Great Smoky Mountains and Cherokee National Forest, own a 50-acre farm with a four bedroom older farmhouse, and my property taxes are only $600 a year. We have our problems for sure but we are still a working person friendly state and we still have our gun rights and our religious freedoms.
I truly feel sorry for conservatives trying to live in states like CA and others that tax and “law” their residents to death.
Now blue state politicians can no longer hide behind the federal tax code when they raise state income taxes. A real killer for the blue states. They need to do something, more exodus coming.
Now blue state politicians can no longer hide behind the federal tax code when they raise state income taxes. A real killer for the blue states. They need to do something, more exodus coming.