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fescuerescue

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Member since: Mon Dec 19, 2016, 12:08 AM
Number of posts: 1,822

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A thought - Prepay state and local income taxes now while you can

In December and you can write them off in 2017.

Just occurred to me. Since any State and Local gets deducted this year, but not next, there is an an opportunity.

If you send in an estimated payment for 2017, an extra large one....you'll get it refunded back in ~April (or not owe as much). However you can deduct it all in 2017.

The refund/reduction in April would normally offset the benefit for 2018, but since 2018 won't allow for state/local deductions, it won't be nullified as usual.

This should also apply for prepaying property taxes if they would normally exceed $10k. Pay them now and get them deducted before the limits set in.

This might be the only way for middle-class to actually benefit from this bill.
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