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*Let's leave politics aside*, but I encourage everyone to prepay their 2017-2018 second half school taxes this month. Starting January 1st your property tax deduction is limited to $10,000 with the new tax bill that will pass in the US Congress. If you pay your taxes this year, you can deduct these on your 2017 tax return. Note: Taxes are deductible when paid, not due.
I'm patiently awaiting oyster bay to send out the1st half general tax bill. If I don't get it by dec 26 I'll be at town hall paying my second half school taxes. I'm one of the few that has a mortgage but pays my taxes on my own not through escrow.
*Let's leave politics aside*, but I encourage everyone to prepay their 2017-2018 second half school taxes this month. Starting January 1st your property tax deduction is limited to $10,000 with the new tax bill that will pass in the US Congress. If you pay your taxes this year, you can deduct these on your 2017 tax return. Note: Taxes are deductible when paid, not due.
This is NOT correct. The $10,000 encompasses all state and local taxes, not just property taxes. Your state income tax is also a component so if you pay $9,000 in property tax and $6,000 in income tax you will now have $5,000 that is no longer deductible...if the legislation passes and is signed into law.
This is NOT correct. The $10,000 encompasses all state and local taxes, not just property taxes. Your state income tax is also a component so if you pay $9,000 in property tax and $6,000 in income tax you will now have $5,000 that is no longer deductible...if the legislation passes and is signed into law.
It will become law.
And yes - you are correct. So pay down your property taxes if possible this year.
I'm patiently awaiting oyster bay to send out the1st half general tax bill. If I don't get it by dec 26 I'll be at town hall paying my second half school taxes. I'm one of the few that has a mortgage but pays my taxes on my own not through escrow.
For your OB tax bill you'll probably be out of luck.
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