Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

I have a question regarding the state and local tax

Customer Question
I have a question...

I have a question regarding the state and local tax limitation passed by congress limiting the deduction to $10000. Is this final or is it still being ironed out by the powers that be? My clients are concerned about paying their April taxes before the end of the year. I have heard from a colleague that this is will be disallowed as a deduction. I am so confused.

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

Nope that is all.

Submitted: 3 months ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 2 minutes by:
12/29/2017
Tax Professional: Carter McBride, Certified Public Accountant (CPA) replied 3 months ago
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,038
Experience: Adjunct Professor
Verified

Hey! I'm Carter, I'm a CPA and can help you out with this.

That is final and takes place starting 1/1/18. So, that limitation will not be in place when you file your tax return in the next couple of months, but will apply when you file your 2018 return in 2019.

The law prevents you from prepaying 2018 income taxes. However, you may be able to pre-pay 2018 real estate taxes. In order to do so, the amount must be assessed before 1/1/18. If there is no assessment, the IRS considers the payment a mere deposit instead of a payment of taxes.

A lot of clients now are rushing to prepay their 2018 real estate taxes due to this. As I said, just make sure there has been an assessment of tax.

Hope that helps. If you need anything else, just let me know. If not, please leave a rating. Thanks!

Ask Your Own Tax Question
Tax Professional: Carter McBride, Certified Public Accountant (CPA) replied 3 months ago

Hey! Just wanted to follow up and see if you need anything else. If not, please leave a rating. Thanks!

Ask Your Own Tax Question
Was this answer helpful?
Ask Carter McBride Your Own Question
Carter McBride
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,038
1,038 Satisfied Customers
Experience: Adjunct Professor

Carter McBride is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,451 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

56 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,124 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
Is there a donation amount limit for tax deduction when you
Is there a donation amount limit for tax deduction when you donate money to missionary organization?… read more
Mark Anderson
Mark Anderson
Attorney
Doctoral Degree
10 satisfied customers
The allocation of mortgage interest & real estate taxes on a
the allocation of mortgage interest & real estate taxes on a married filing separately.return one spouse owns the house and his name is ***** ***** name on the mortgage.Is the other spouse entitled to… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I need to amend my 2016 return. the real estate taxes were
I need to amend my 2016 return. the real estate taxes were understated. can turbo tax download the 2016 return into 1040X? Can I just show the adjusted amount. … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,939 satisfied customers
We have a real estate tax question that is NOT related to
We have a real estate tax question that is NOT related to filing 2017 taxes. May we ask you these questions? … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,064 satisfied customers
Possibly. I have a question related to real estate taxes. A
A family member passed away and left their residence via their will to 3-4 kids in my family. Have been trying to sell the property for 3 years and just did in 2017.… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,939 satisfied customers
OH State income tax - Schedule A - personal tax return line
OH State income tax - Schedule A - personal tax return line 31. 1. What is the difference between "survivorship benefits" and "pension continuation benefits"? * New client for me. * OH resident * Spou… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,939 satisfied customers
Can I deduct mortgage interest, real estate taxes, utilities
Can I deduct mortgage interest, real estate taxes, utilities and condo fees for a commercial rental property that I have not made available for rent? I am assuming that Building appraisal fees, and le… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
Need to walk through local earned income tax form. Did turbo
did turbo tax for federal and state,, trying to understand berkhiemers form for the local earned income,, moved from pa. to florida on july 1, 2017 … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
IRS says for State and local taxes on 1099 misc income given
Second opinion] IRS says for State and local taxes on 1099 misc income given to contractor. If the sales taaxes are imposed on you as a buyer and collected from you by the service provider, do not rep… read more
ABC Accounting Group
ABC Accounting Group
Bachelor\u0027s Degree
828 satisfied customers
IRS says for State and local taxes on 1099 misc income given
IRS says for State and local taxes on 1099 misc income given to contractor. If the sales taaxes are imposed on you as a buyer and collected from you by the service provider, do not report the sales ta… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Is there a statute of limitations on owing State taxes -
Hello - is there a statute of limitations on owing State taxes - Maryland … read more
Carter McBride
Carter McBride
Certified Public Accountant (CPA)
1,038 satisfied customers
Has the IRS made any ruling on the deduction of state
Has the IRS made any ruling on the deduction of state withholding tax and real estate taxes on Schedule A for 2018. Will there be a requirement to deduct withholding in total before moving to real est… read more
abci168
abci168
Principal
27 satisfied customers
I know that real estate taxes and interest on the note for
I know that real estate taxes and interest on the note for the property are not considered start-up expenses subject to amortization. So does that mean that they are deductible expenses to the busines… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
921 satisfied customers
How do you calculate the state income tax, the local income
Hello, how do you calculate the state income tax, the local income tax, and the federal income tax withheld? For the local income tax, do just multiply the state wages by the county tax rate? For exam… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
How do i calculate the local income tax or box 19 on the W2
Hi how do i calculate the local income tax or box 19 on the W2 form? The state is Indiana. … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
How monthly real estate taxes are calculated in the state of
How monthly real estate taxes are calculated in the state of NY on real estate? Are they re-calculated upon the new assessment of the building? As I am looking for a new town home to buy, should I exp… read more
Fred Rook
Fred Rook
Corporate Controller
BSBA
125 satisfied customers
On this new tax bill, if you pay real estate taxes and are
On this new tax bill, if you pay real estate taxes and are limited to deducting 10K would you still get that deduction AND the 24K standard deduction since all other itemized deductions (except mortga… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
Dose mean can not deduct state income taxes only or dose it
dose mean can not deduct state income taxes only or dose it includes property taxes too … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x