Posted on 05/24/2018 6:44:07 AM PDT by reaganaut1
A buddy of mine talked about a plan floating in NJ whereby property taxes are not stated as property taxes but half is “School donations” and deductible from property taxes.
Example: A $16,000 property tax bill can be cut in half if the person makes up to an $8,000 “school donation” and then only pays $8,000 in property taxes. Both $8,000 payments are federally deductible and the State gets the full $16,000.
“A buddy of mine talked about a plan floating in NJ whereby property taxes are not stated as property taxes but half is “School donations” and deductible from property taxes. Example: A $16,000 property tax bill can be cut in half if the person makes up to an $8,000 “school donation” and then only pays $8,000 in property taxes. Both $8,000 payments are federally deductible and the State gets the full $16,000.”
So by that rationale, if I make a ‘donation’ and can take it as a full credit off of my property taxes. Will that apply to ANY legitimate charity (like NRA Gun Safety Fund), or only specific ‘school donations’?
Of course, it would only be to the State government “donations”.
“Of course, it would only be to the State government “donations”.”
As long as they’re 501C3’s, NO PROBLEM.
LOL
yes. this has been tax law since the dawn of time (or at least as long as anyone can remember)..anything of value that you get back in return for your ‘contribution’ has to be subtracted therefrom before the remainder (if any) may be deducted from federal taxes
there’s no “IRS getting tough” about this, its been the same rule for decades. That IRS is putting out a little publicity about the rule is, however, probably a good thing under the circumstances
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