Anyone paying 2018 local taxes in 2017

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I contacted the local tax collector and found out the amount of my local property taxes that are due in January. I will be paying them in the next few days to deduct them on 2017 taxes. So much for living in a blue state with high SALT.
 
I don't pay enough in property taxes and mortgage interest for the changes to affect me negatively. However, doubling the standard deduction certainly will affect me positively!
 
I live in the extreme liberal state on Minnesota, I can't wait for some tax relief!!!! I am starting to like the color Orange!!! I think I am done for life now with the color Blue. Nothing changes with the color Blue. NOTHING NOTHING, it only gets worse. And my Ars Technica hurts from the Blue derangement, more then the Orange and Red. And I am Blue collar.
 
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Originally Posted By: Mr Nice
SALT really hurts many people.


Yes … we don’t have state income taxes but the sales tax is statewide and fairly stable …
What is not stable is property tax … endless projects (un needed) getting voted for by people who will pay little for it … but I pay more and more… Makes it difficult to think about retirement
 
I always pay my taxes in one installment .It is not that I enjoy giving my money to the politician and government employee crime gang, but like the Mexican drug cartels if I don't pay my taxes the government goons will kill me. I really detest paying a bit over $17,000.00 per year in property taxes and recieving no more benefits than A person paying $1000.00 per year in taxes. You never really own you home. The government in the end has title.
 
I believe the issue is on schedule A of 1040...state and local taxes, property taxes, personal property taxes (DMV) fees...are limited to $10,000. total dollar cap between all...anything above 10k is not deductible. Thus paying property tax this year will help if you are above 10k total.
 
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Originally Posted By: mbacfp
I believe the issue is on schedule A of 1040...state and local taxes, property taxes, personal property taxes (DMV) fees...are limited to $10,000. total dollar cap between all...anything above 10k is not deductible. Thus paying property tax this year will help if you are above 10k total.


It would have been more fair to phase it in or grandfather some amount, vs 2017 (tax year) you get back $1000 and 2018 (tax year) you owe $6000.
 
I just made an estimated tax payment for my state income taxes. Does that count as well, since presumably I can still deduct it for my 2017 taxes, but after that not so much due to the 10K limit on combined property and income taxes (if I am understanding everything correctly).
 
I agree Donald. In a normal year (no major purchases (new car), etc.) my SALT is in the $11,000 - $12,000 range, thus I paid my January property tax this year. It see if paying early makes sense...look at your Schedule A (taxes you paid section) and see how above or below you are from $10,000.
 
Originally Posted By: zzyzzx
I just made an estimated tax payment for my state income taxes. Does that count as well, since presumably I can still deduct it for my 2017 taxes, but after that not so much due to the 10K limit on combined property and income taxes (if I am understanding everything correctly).


Good question but I do not know. The property taxes are more clear cut as I will have a receipt for paid-in-full for the amount, dated 12/31/2017.
 
zzyzzx, on schedule A...you can deduct the greater of income taxes or general sales taxes...which unless you have a big purchase (new car, etc.) the state income tax is usually higher for people. Yes, it should count...not familiar with your state...sorry.
 
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