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Can I prepay my Real estate taxes for 2018 in 2017 so I can…

Can I prepay my Real...
Can I prepay my Real estate taxes for 2018 in 2017 so I can get the deduction instead of losing it in 2018?So that pn the 2017 income tax return there would be 2 RE tax paymentsKindly advise
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Answered in 4 minutes by:
12/14/2017
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,365
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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If your state or county allows you to prepay then you can claim the taxes on the 2017 return.

You are allowed to deduct real estate taxes paid in the year the payment is actually made so it depends on your specific location and if prepayments are allowed.

Please let me know if you need more information.
If not then scroll up to see the STARS to rate so I am credited.

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Customer reply replied 8 months ago
I should ask the town if they will accept the 2018 payment in 2017?Should the check be made out at 12/31 the latest even though it gets cashed in 2018?

The fact that the check may be cashed in 2018 would not matter but that you wrote the check and sent it to them before 2018. You cannot write it and hold it but you must actually submit payment in 2017.

Yes you must check to see if prepayment is allowed.

You are most welcome.
A positive 5 star rating is appreciated so I am credited for assisting.

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,365
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified
Robin D. and 87 other Tax Specialists are ready to help you
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Customer reply replied 7 months ago
Is the prepayment of Real Estate taxes for 2018 still a valid deduction in 2017.
Customer reply replied 7 months ago
Is prepaying your 2018 property taxes still a valid deduction on the 2017 return for Federal purposes?I thought that prepaying was a loophole that was closedNYS just made the 2018 RE taxes an allowed deduction as of 12/22/17Kindly advise

Claiming real estate taxes for the tax year 2017 has not changed. Real estate taxes paid in the year are allowed as a deduction. Beginning for the 2018 tax year filing, state and local income taxes (SALT) or state and local sales tax, plus real property taxes, may be deducted, but only up to a combined total limit of $10,000 ($5,000 if MFS).

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Customer reply replied 7 months ago
Can I prepay my 2018 Real Estate taxes in full and take a deduction on my 2017 1040 as an itemized deduction subject to the AMT.

Nothing about that changed for 2017. In calculating the AMT, you cannot take itemized deductions for state and local income tax, real estate taxes and personal property taxes, even though these are deductible on your regular return.

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Customer reply replied 7 months ago
Can I take a deduction for prepaying 2018's real estate taxes on the 2017 1040?
Customer reply replied 7 months ago
Kindly let me know
Customer reply replied 7 months ago
What happened

Sorry the site was down for a bit.

Yes, if you can pay the taxes in 2017 for 2018 (meaning your taxing jurisdiction allows prepaying) then you can take the deduction.

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Customer reply replied 7 months ago
I thought the new GOP tax bill disallowed that for the Federal returnGov Cuomo just passed legislation to allow a 2018 prepay for NYS IT-201
My question : is it allowed on schedule A for the 2017 return the 1040?

It has not changed for 2017 filing.

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Customer reply replied 7 months ago
Curious why everyone is recommending to pre pay RE taxes for 2018 to take a deduction on the 2017 Sch A

The tax changes do not effect your filing for 2017. If people are saying prepay that is just to possibly avoid the cap on the deduction for filing your 2018 taxes.

There is a cap on how much you can claim when you file the 2018 tax return. I told you about that in a previous post. The cap is $10000 on taxes on the 2018 return.

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Customer reply replied 7 months ago
Want to clarifyThe 2017 and 2018 Real estate tax payments are deductible on the 2017 return?

If the state or specific location allows them to be prepaid and they are actually paid then yes.

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Customer reply replied 7 months ago
Thank you

You are most welcome.

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