NY Residents And The New Tax Bill

Dated: December 22 2017

Views: 743

Image title

The new tax bill which will soon become law, has provided a few tax saving opportunities you may want to consider. If you expect that you will not be subject to the alternative minimum tax (AMT) in 2017, you may want toconsider prepaying in 2017 the 1stand/or 2nd quarter 2018 property tax billsin 2017 where possible. This is because the deduction for property taxes and state and local income taxes will be limited to $10,000 in 2018. If you prepay the property taxes in 2017, you will be able to deduct the taxes on your 2017 tax return and accelerate your deduction.

If applicable, you may also want to consideraccelerating paying any state estimated taxesthat may be due in 2018 byDecember 31, 2017.

Blog author image

Mary Lovera

In today’s world, our relationships are very important so much so that The Right Relationships can make all the difference. This year marks my 20th year in Real Estate. In that time, I’ve happ....

Want to Advertise on this Site?

Latest Blog Posts

Growing Your Own Flowers In Nyack

Every year I think I'm going to plant a flower garden that would rival the ones that my Grandmother had (flowers everywhere, every possible kind, and all of them were gorgeous.)

Read More

10 Digit Dialing Coming To The Hudson Valley

Residents of much of the Hudson Valley will soon be required to dial all 10 digits to make local calls within their areas codes after the Federal Communications Commission adopted 988 as a new

Read More

Apr 9 2021 72253 1

This is my very first blog ...so I decided I would start with the one subject that I don't have to research...me!  I'm excited to become part of this real estate blogging community.  I am

Read More

Baseball Opening Day With Fans In The Stands

Play Ball!! The Yankees and Mets will be allowed to play baseball with actual fans in the stand starting with their respective Opening Days, 2021. This is great news and a very welcome

Read More
Fair Housing Icon NY Fair Housing Notice