Talk of The Villages Florida - Rentals, Entertainment & More
Talk of The Villages Florida - Rentals, Entertainment & More
#1
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New tax law
I have been hearing talk about pre paying real estate taxes for 2018 in 2017 in order to take advantage of the tax deduction now instead of possibly losing it under the new tax laws for 2018 that just got passed.
Does anyone know if this can be done in Fl.? |
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#2
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pretty hard to have real estate taxes in excess of $10K in Fl-if your taxes are under $10K-don't sweat it
Also, its pretty hard or damn near impossible to itemize if you are really retired--enjoy |
#3
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There were articles today indicating that the IRS is balking at these early payments, please do some research.
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Pennsylvania, for 60+ years, most recently, Allentown, now TV. |
#4
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According to the IRS, the $10k max deduction of taxes does not start until tax year 2018.
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#5
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You can't do it per FL statute.
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#6
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Quote:
There are not very many homes in TV that are valued over $715,000.
__________________
The Beatlemaniacs of The Villages meet every Friday 10:00am at the O'Dell Recreation Center. "I never considered a difference of opinion in politics, in religion, in philosophy, as cause for withdrawing from a friend." - Thomas Jefferson to William Hamilton, April 22, 1800. |
#7
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You won't get your 2018 tax bill until next November, so we're out of luck in Florida.
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#8
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The $10,000 deduction only applies if you itemize. If you don't itemize you get a $24,000 standard deduction.
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#9
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For Villagers who still have that other home, up north, Florida RE taxes might not be the only question.
Here is a link to what NPR had to say: Scrambling To Prepay 2018 Property Taxes? Maybe You Shouldn't : NPR Last edited by Boomer; 12-29-2017 at 08:57 AM. |
#10
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My previous post should have contained the following sentence.
In a statement Wednesday, the IRS said that in order for deductions to be allowed on taxes that are paid in 2017 ahead of the 2018 deadline, the taxes must be assessed before the end of 2017. |
#11
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$24000 married filing joint but you loose $8000 for the two personal exceptions. Thus it was $12000 standard deduction plus $8000 two personal exceptions for an income reduction of $20000 (2016 numbers). It will now be an income reduction of $24000 or a net increase in income reduction of $4000 not double like your favorite politician is trying to sell you.
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#12
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In many of the places where we lived, pre-paying property taxes was not allowed because the exact amount was not yet assessed.
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#13
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__________________
Namaste y'all |
Closed Thread |
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