NY Residents And The New Tax Bill

Dated: 12/22/2017

Views: 704

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

Donna Podesta

I am an experienced Realtor working in the Greater Hudson Valley Region which includes both Rockland and Orange County. My goal is to make my client's real estate experience a happy one. Because succe....

Want to Advertise on this Site?

Latest Blog Posts

Plant Now For A Spectacular Spring Perennial Garden In Nyack

As the days grow shorter, it’s time for fall planting. This is a great time to reseed or plant a new lawn as grass grows best on cool nights with warm days. It is also the time to get your tulip,

Read More

Build Your Dream Home In Upper Nyack

Great parcel of land for privacy and nature lovers to build your dream home in Upper Nyack. Very close to Hook Mountain Park with a trail along Hudson River, schools, shopping, only a few

Read More

Make A Difference In Pearl River

This Saturday, at the Pfizer campus, bring your donations for the pantry at People to People!;

Read More

Three Ways To Win In A Bidding War

With so few houses for sale today and low mortgage rates driving buyer activity, bidding wars are becoming more common. Multiple-offer scenarios are heating up, so it’s important to get

Read More
Fair Housing Icon NY Fair Housing Notice