Pre-paying Property Taxes before the New Year? (1 Viewer)

[NutterButter]

There's like a 5% chance this works out for you.

 

[E Street Brat]

Bunch of unpatriotic ####s. Pay your taxes. You're killing the children.

 

[NutterButter]

Bunch of unpatriotic ####s. Pay your taxes. You're killing the children.

Do I get a deduction for that?

 

[NutterButter]

Seriously. Why do parents with dependents get tax breaks? How comes the child-free like me have to subsidize the welfare queen with her dozen rat kids? 

I should get a tax break for not being a drain on society like the breeders are. People with kids should be paying more for using so many public resources on their spawn, which contribute nothing back. 

Its a small credit for taking on the burden of ensuring the continuation of the human race.   I mean if everyone just stopped having kids the year you were born, who's going to take care of your old ### when you're 70?

 

[Slider]

Seriously. Why do parents with dependents get tax breaks? How comes the child-free like me have to subsidize the welfare queen with her dozen rat kids? 

I should get a tax break for not being a drain on society like the breeders are. People with kids should be paying more for using so many public resources on their spawn, which contribute nothing back. 

The kids will grow up to be taxpayers. You'll just die. 

 

[Long Ball Larry]

Seriously. Why do parents with dependents get tax breaks? How comes the child-free like me have to subsidize the welfare queen with her dozen rat kids? 

I should get a tax break for not being a drain on society like the breeders are. People with kids should be paying more for using so many public resources on their spawn, which contribute nothing back. 

save it for your mumblecore script

 

[Otis]

I ended up throwing in the towel and going to wait in line. Local tax receiver office is open extra days and hours. Line was around the corner in the snow for the 9am opening. Wasn’t too bad, I was out in 40mins. Was able to pay about $14k in school and general property taxes, so it will be a nice little tax deduction if it works. 

 

 

[NutterButter]

I ended up throwing in the towel and going to wait in line. Local tax receiver office is open extra days and hours. Line was around the corner in the snow for the 9am opening. Wasn’t too bad, I was out in 40mins. Was able to pay about $14k in school and general property taxes, so it will be a nice little tax deduction if it works. 

 

ny thanks you for the additional $14k in taxes you're paying next year.

 

[Mr. Ected]

In the Commonwealth of VA, there is no value to prepaying the taxes. From my county

Roger Zurn, our county [Loudoun, VA] treasurer, just posted this....

Today the Treasurer’s Office was quite busy with taxpayers making their prepayment of taxes ahead of the new tax law effective January 1, 2018. We have just received the below IRS bulletin which says that to be deductible local taxes must have been assessed prior to year-end. Loudoun County does not levy taxes until the Board of Supervisors sets the tax rate in mid-April. My reading is that prepayment of our 2018 taxes would not be deductible in 2017 under this ruling however, you may want to consult your tax advisor.

IR-2017-210, Dec. 27, 2017
WASHINGTON - The Internal Revenue Service advised tax professionals and taxpayers today that pre-paying 2018 state and local real property taxes in 2017 may be tax deductible under certain circumstances.
The IRS has received a number of questions from the tax community concerning the deductibility of prepaid real property taxes. In general, whether a taxpayer is allowed a deduction for the prepayment of state or local real property taxes in 2017 depends on whether the taxpayer makes the payment in 2017 and the real property taxes are assessed prior to 2018. A prepayment of anticipated real property taxes that have not been assessed prior to 2018 are not deductible in 2017. State or local law determines whether and when a property tax is assessed, which is generally when the taxpayer becomes liable for the property tax imposed.
The following examples illustrate these points.
Example 1: Assume County A assesses property tax on July 1, 2017 for the period July 1, 2017 – June 30, 2018. On July 31, 2017, County A sends notices to residents notifying them of the assessment and billing the property tax in two installments with the first installment due Sept. 30, 2017 and the second installment due Jan. 31, 2018. Assuming taxpayer has paid the first installment in 2017, the taxpayer may choose to pay the second installment on Dec. 31, 2017, and may claim a deduction for this prepayment on the taxpayer’s 2017 return.
Example 2: County B also assesses and bills its residents for property taxes on July 1, 2017, for the period July 1, 2017 – June 30, 2018. County B intends to make the usual assessment in July 2018 for the period July 1, 2018 – June 30, 2019. However, because county residents wish to prepay their 2018-2019 property taxes in 2017, County B has revised its computer systems to accept prepayment of property taxes for the 2018-2019 property tax year. Taxpayers who prepay their 2018-2019 property taxes in 2017 will not be allowed to deduct the prepayment on their federal tax returns because the county will not assess the property tax for the 2018-2019 tax year until July 1, 2018.
The IRS reminds taxpayers that a number of provisions remain available this week that could affect 2017 tax bills. Time remains to make charitable donations. See IR-17-191 for more information. The deadline to make contributions for individual retirement accounts - which can be used by some taxpayers on 2017 tax returns - is the April 2018 tax deadline.
IRS.gov has more information on these and other provisions to help taxpayers prepare for the upcoming filing season.

For the tl:dr - if your county hasn't levied your taxes, there is no benefit to prepaying the RE taxes.