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Tax Law Changes coming in 2018 – Opportunities available as 2017 comes to a close

J Nick Leitch

December 21, 2017

Was your 2016 Schedule A, line 9 close to or in excess of $10,000 ?

For most of our clients and friends the answer is YES.

An item that you may have control over as 2017 comes to a close are taxes paid.

The new tax law will limit your deduction on state, local, personal property and real estate tax to $10,000 in 2018 and forward.  This total is found on line 9 of your Schedule A.  There is no limit for 2017.

If you pay your property taxes on your personal residence by check or online please consider doing so prior to December 31, 2017.  Even if it is a pre-payment.  Those who have a mortgage company paying this on your behalf will not have this flexibility.

If you make estimated taxes for state and/or local income tax, please consider making the payment in December 2017 as opposed to January 2018 when it is due (we recommended this in all years).

The new tax law will have numerous changes mostly for 2018 and forward.  This is one last shot to avoid the new $10,000 limit on state, local, and property tax deduction.

   

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