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Old 12-29-2017, 10:42 PM
 
Location: Myrtle Creek, Oregon
11,054 posts, read 11,465,626 times
Reputation: 17214

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If you have a state income tax or a state capital gains tax, be sure to get your payments in by Saturday. I have capital gains on $90,000 this year subject to state tax, so I mailed a check to the state today for the estimated tax. Property tax is not the only tax deduction being capped at $10,000, it's all your state and local taxes bundled together. If you live in a sales tax state, this may be the day to buy that $55,000 pickup.
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Old 12-30-2017, 08:53 AM
 
33,046 posts, read 20,720,491 times
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You mailed it yesterday, it was postmarked yesterday, and won't arrive until, say, Tuesday, January 2. Do the states record postmarks proactively in case of audit?
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Old 12-30-2017, 09:03 AM
 
Location: 5,400 feet
2,199 posts, read 2,272,314 times
Reputation: 2840
I don't recall the exact phrasing, but if the money is sent in 2017 then it is a 2017 expense, even if the recipient does not cash it in 2017.
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Old 12-30-2017, 11:48 AM
 
Location: Myrtle Creek, Oregon
11,054 posts, read 11,465,626 times
Reputation: 17214
Quote:
Originally Posted by freemkt View Post
You mailed it yesterday, it was postmarked yesterday, and won't arrive until, say, Tuesday, January 2. Do the states record postmarks proactively in case of audit?
They just scan the check and the envelope. If there is a question, it's easy to retrieve the info. In my state, at least, the postmark rules. Check dates can be spoofed, the postmark cannot.
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Old 01-04-2018, 07:52 AM
 
Location: East of Seattle since 1992, originally from SF Bay Area
28,400 posts, read 50,602,810 times
Reputation: 28637
Quote:
Originally Posted by Larry Caldwell View Post
If you have a state income tax or a state capital gains tax, be sure to get your payments in by Saturday. I have capital gains on $90,000 this year subject to state tax, so I mailed a check to the state today for the estimated tax. Property tax is not the only tax deduction being capped at $10,000, it's all your state and local taxes bundled together. If you live in a sales tax state, this may be the day to buy that $55,000 pickup.
We seem to have pretty good timing, bought a new pickup in September, also a travel trailer, so with our sales tax at over 9% I'm glad we didn't wait. According to the news the car dealers were setting sales records in late December, but of course that means slow sales will follow since we hit 2018.
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