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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Is anyone paying their property tax early because of new tax bill?
Posted by ChristinaM128
Posted by FTM427
Posted by Chai77
I hope you Trump supporters are happy.
It wasn't just Trump writing the new tax code...both Democrats and Republicans voted yes to it. Also have you done any research into your specific tax scenario? while there is a 10k cap for this item....there are other things which end up benefiting. Yes while it does seem that this directly affects blue states (tend to be high income/high taxes) myself personally I'll actually be saving several thousand dollars even though this dedication is now capped.
You may save now, but look at the projections for 10 years down the road. This governing body we have in office now will always favor corporate and the very wealthy over anyone else. Just wool over eyes for now.
They can easily just re-write the tax code in 10 years. You can’t look that far ahead with this stuff. They re-wrote it when the bush tax cuts ended. They did it now. They will do it again.
I have mixed feelings about this bill as I am really unsure how it will affect me personally. I have two houses, a small business, a property rental business, was hit with AMT last year. I think under this bill I’ll pribably break even. I can deduct property taxes on my second house as part of my rental profit/loss statement so that doesn’t count toward the 10k, as long as I keep it rented. Frankly I really don’t know about how this affects me until I do the taxes. I have a complicated return.
Also you can’t pre pay next year general 2018 taxes now. I thought I read that somewhere. You are supposedly to wait until the towns submit the bills and they usually don’t do that until January. I always pay first and second half school taxes in November so I did technically “pre pay” those, but I do that every year regardless of this bill. Also paid my taxes on my out of state second house now which aren’t due until March as well.
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Posted 12/22/17 7:51 AM  |
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shadows
LIF Adult
Member since 1/10 4694 total posts
Name:
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Re: Is anyone paying their property tax early because of new tax bill?
Posted by FTM427
Posted by Chai77
I hope you Trump supporters are happy.
It wasn't just Trump writing the new tax code...both Democrats and Republicans voted yes to it. Also have you done any research into your specific tax scenario? while there is a 10k cap for this item....there are other things which end up benefiting. Yes while it does seem that this directly affects blue states (tend to be high income/high taxes) myself personally I'll actually be saving several thousand dollars even though this dedication is now capped.
Not to mention that there's a country full of people outside of LI / NJ / CT who aren't negatively impacted by the cap at all. Sucks to live in an area with unconscionably high taxes but the tax code can't and shouldn't revolve around those areas.
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| Posted 12/22/17 7:58 AM |
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Sunny10
LIF Adult
Member since 10/10 1287 total posts
Name:
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Re: Is anyone paying their property tax early because of new tax bill?
Posted by ave1024
Posted by ChristinaM128
Posted by FTM427
Posted by Chai77
I hope you Trump supporters are happy.
It wasn't just Trump writing the new tax code...both Democrats and Republicans voted yes to it. Also have you done any research into your specific tax scenario? while there is a 10k cap for this item....there are other things which end up benefiting. Yes while it does seem that this directly affects blue states (tend to be high income/high taxes) myself personally I'll actually be saving several thousand dollars even though this dedication is now capped.
You may save now, but look at the projections for 10 years down the road. This governing body we have in office now will always favor corporate and the very wealthy over anyone else. Just wool over eyes for now.
They can easily just re-write the tax code in 10 years. You can’t look that far ahead with this stuff. They re-wrote it when the bush tax cuts ended. They did it now. They will do it again.
I have mixed feelings about this bill as I am really unsure how it will affect me personally. I have two houses, a small business, a property rental business, was hit with AMT last year. I think under this bill I’ll pribably break even. I can deduct property taxes on my second house as part of my rental profit/loss statement so that doesn’t count toward the 10k, as long as I keep it rented. Frankly I really don’t know about how this affects me until I do the taxes. I have a complicated return.
Also you can’t pre pay next year general 2018 taxes now. I thought I read that somewhere. You are supposedly to wait until the towns submit the bills and they usually don’t do that until January. I always pay first and second half school taxes in November so I did technically “pre pay” those, but I do that every year regardless of this bill. Also paid my taxes on my out of state second house now which aren’t due until March as well.
I got my tax bill a few weeks ago. My tax bill just went out and says it is from Dec 2017- Nov 2018. It says I can pay partial payment or full. I think different towns have different timelines. As someone else posted, if it's a calendar year schedule, then there may be a problem paying before years end. What do you mean by the school taxes? Mine is computed school tax in as a whole with everything.
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| Posted 12/22/17 8:14 AM |
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Mill188
LIF Adult
Member since 3/09 3073 total posts
Name:
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Re: Is anyone paying their property tax early because of new tax bill?
On Long Island the tax bills run as follows:
In Nassau County, there are two property tax bills payable in halves throughout the year. The school tax bill (with payments due in October and April). The school tax runs on a fiscal year (July 1 - June 30). The general tax bill (County, Town, special district) has payments due in February and August and runs on a calendar year (Jan 1 - Dec 31).
In Suffolk County, there is one tax bill payable in halves (Jan 10 and May 31) and the tax year runs on a fiscal year (December 1 - November 30).
If you live in an incorporated village, there is an additional tax bill, but they vary by village.
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| Posted 12/22/17 8:47 AM |
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Sunny10
LIF Adult
Member since 10/10 1287 total posts
Name:
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Re: Is anyone paying their property tax early because of new tax bill?
Posted by Mill188
On Long Island the tax bills run as follows:
In Nassau County, there are two property tax bills payable in halves throughout the year. The school tax bill (with payments due in October and April). The school tax runs on a fiscal year (July 1 - June 30). The general tax bill (County, Town, special district) has payments due in February and August and runs on a calendar year (Jan 1 - Dec 31).
In Suffolk County, there is one tax bill payable in halves (Jan 10 and May 31) and the tax year runs on a fiscal year (December 1 - November 30).
If you live in an incorporated village, there is an additional tax bill, but they vary by village.
Thank you! I'm in Suffolk so that clears up why I didn't understand the school tax bill.
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| Posted 12/22/17 8:57 AM |
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lightblue
LIF Adult
Member since 1/17 2249 total posts
Name:
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Re: Is anyone paying their property tax early because of new tax bill?
I actually received a message from the nassau county receiver of taxes saying to pre-pay the April tax bill to claim it on 2017 taxes- but no way I can afford it so I just will continue to pay it monthly with my mortgage bill
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| Posted 12/22/17 1:24 PM |
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ohbaby08
Winter is Coming
Member since 10/07 1718 total posts
Name:
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Re: Is anyone paying their property tax early because of new tax bill?
Posted by FTM427
Posted by Chai77
I hope you Trump supporters are happy.
It wasn't just Trump writing the new tax code...both Democrats and Republicans voted yes to it. Also have you done any research into your specific tax scenario? while there is a 10k cap for this item....there are other things which end up benefiting. Yes while it does seem that this directly affects blue states (tend to be high income/high taxes) myself personally I'll actually be saving several thousand dollars even though this dedication is now capped.
Trump had zero to do with the tax bill. He couldn't even fill in his correct birthday on his absentee ballot for mayor.
However, having control of congress and executive branch made it easier for Ryan/McConnell to ram this crap through with no input from Dems. 13 GOP Senators wrote the bill.
It took TWO years to write the tax code the last time it was overhauled in 1986. These creeps did it in 2 weeks, with ZERO hearings. It's not going to be easy in 10 years to simply rewrite it once we are all screwed with higher taxes.
Also, no Democrats voted yes on this tax bill.
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| Posted 12/22/17 1:46 PM |
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nraboni
Uggh...
Member since 10/09 6905 total posts
Name:
Nicole
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Re: Is anyone paying their property tax early because of new tax bill?
Posted by lightblue
I actually received a message from the nassau county receiver of taxes saying to pre-pay the April tax bill to claim it on 2017 taxes- but no way I can afford it so I just will continue to pay it monthly with my mortgage bill
Same here. I don't have that kind of money laying around to pay it upfront. Oh well...screwed once again by the elephants.
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| Posted 12/22/17 2:09 PM |
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bunnyluck
LIF Adult
Member since 1/14 3196 total posts
Name:
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Is anyone paying their property tax early because of new tax bill?
Nope. We pay AMT so no point. We'll probably break even under the new plan or come close one way or the other. It is what it is.
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| Posted 12/22/17 2:31 PM |
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Chai77
Brighter days ahead
Member since 4/07 7364 total posts
Name:
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Re: Is anyone paying their property tax early because of new tax bill?
Posted by ohbaby08
Posted by FTM427
Posted by Chai77
I hope you Trump supporters are happy.
It wasn't just Trump writing the new tax code...both Democrats and Republicans voted yes to it. Also have you done any research into your specific tax scenario? while there is a 10k cap for this item....there are other things which end up benefiting. Yes while it does seem that this directly affects blue states (tend to be high income/high taxes) myself personally I'll actually be saving several thousand dollars even though this dedication is now capped.
Trump had zero to do with the tax bill. He couldn't even fill in his correct birthday on his absentee ballot for mayor.
However, having control of congress and executive branch made it easier for Ryan/McConnell to ram this crap through with no input from Dems. 13 GOP Senators wrote the bill.
It took TWO years to write the tax code the last time it was overhauled in 1986. These creeps did it in 2 weeks, with ZERO hearings. It's not going to be easy in 10 years to simply rewrite it once we are all screwed with higher taxes.
Also, no Democrats voted yes on this tax bill.
Yes. Not sure what you are referencing FTM bc no democrat in either the senate or house voted yes on this. It is unreal.
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| Posted 12/24/17 1:15 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Is anyone paying their property tax early because of new tax bill?
Posted by Chai77
Posted by ohbaby08
Posted by FTM427
Posted by Chai77
I hope you Trump supporters are happy.
It wasn't just Trump writing the new tax code...both Democrats and Republicans voted yes to it. Also have you done any research into your specific tax scenario? while there is a 10k cap for this item....there are other things which end up benefiting. Yes while it does seem that this directly affects blue states (tend to be high income/high taxes) myself personally I'll actually be saving several thousand dollars even though this dedication is now capped.
Trump had zero to do with the tax bill. He couldn't even fill in his correct birthday on his absentee ballot for mayor.
However, having control of congress and executive branch made it easier for Ryan/McConnell to ram this crap through with no input from Dems. 13 GOP Senators wrote the bill.
It took TWO years to write the tax code the last time it was overhauled in 1986. These creeps did it in 2 weeks, with ZERO hearings. It's not going to be easy in 10 years to simply rewrite it once we are all screwed with higher taxes.
Also, no Democrats voted yes on this tax bill.
Yes. Not sure what you are referencing FTM bc no democrat in either the senate or house voted yes on this. It is unreal.
Just like every republican and 34 House Democrats voted NO to Obamacare. The Democrats shoved that bill down our throats. It works both ways.
If Obama wasn’t such a ****** president many republicans wouldn’t have won their seats in 2012 and 2016 which caused the GOP to gain control to pass this tax bill.
https://www.google.com/amp/s/oregoncatalyst.com/25561-reminder-obamacare-passed-single-republican-vote.html/amp
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| Posted 12/24/17 10:02 AM |
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stinger
LIF Adult
Member since 11/11 4971 total posts
Name:
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Re: Is anyone paying their property tax early because of new tax bill?
Posted by ave1024
Posted by Chai77
Posted by ohbaby08
Posted by FTM427
Posted by Chai77
I hope you Trump supporters are happy.
It wasn't just Trump writing the new tax code...both Democrats and Republicans voted yes to it. Also have you done any research into your specific tax scenario? while there is a 10k cap for this item....there are other things which end up benefiting. Yes while it does seem that this directly affects blue states (tend to be high income/high taxes) myself personally I'll actually be saving several thousand dollars even though this dedication is now capped.
Trump had zero to do with the tax bill. He couldn't even fill in his correct birthday on his absentee ballot for mayor.
However, having control of congress and executive branch made it easier for Ryan/McConnell to ram this crap through with no input from Dems. 13 GOP Senators wrote the bill.
It took TWO years to write the tax code the last time it was overhauled in 1986. These creeps did it in 2 weeks, with ZERO hearings. It's not going to be easy in 10 years to simply rewrite it once we are all screwed with higher taxes.
Also, no Democrats voted yes on this tax bill.
Yes. Not sure what you are referencing FTM bc no democrat in either the senate or house voted yes on this. It is unreal.
Just like every republican and 34 House Democrats voted NO to Obamacare. The Democrats shoved that bill down our throats. It works both ways.
If Obama wasn’t such a ****** president many republicans wouldn’t have won their seats in 2012 and 2016 which caused the GOP to gain control to pass this tax bill.
https://www.google.com/amp/s/oregoncatalyst.com/25561-reminder-obamacare-passed-single-republican-vote.html/amp
Its cyclical. 2018 will change things again. Thats how it works
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| Posted 12/26/17 12:45 PM |
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Pumpkin1
LIF Adult
Member since 12/05 3715 total posts
Name:
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Re: Is anyone paying their property tax early because of new tax bill?
Posted by stinger
Posted by ave1024
Posted by Chai77
Posted by ohbaby08
Posted by FTM427
Posted by Chai77
I hope you Trump supporters are happy.
It wasn't just Trump writing the new tax code...both Democrats and Republicans voted yes to it. Also have you done any research into your specific tax scenario? while there is a 10k cap for this item....there are other things which end up benefiting. Yes while it does seem that this directly affects blue states (tend to be high income/high taxes) myself personally I'll actually be saving several thousand dollars even though this dedication is now capped.
Trump had zero to do with the tax bill. He couldn't even fill in his correct birthday on his absentee ballot for mayor.
However, having control of congress and executive branch made it easier for Ryan/McConnell to ram this crap through with no input from Dems. 13 GOP Senators wrote the bill.
It took TWO years to write the tax code the last time it was overhauled in 1986. These creeps did it in 2 weeks, with ZERO hearings. It's not going to be easy in 10 years to simply rewrite it once we are all screwed with higher taxes.
Also, no Democrats voted yes on this tax bill.
Yes. Not sure what you are referencing FTM bc no democrat in either the senate or house voted yes on this. It is unreal.
Just like every republican and 34 House Democrats voted NO to Obamacare. The Democrats shoved that bill down our throats. It works both ways.
If Obama wasn’t such a ****** president many republicans wouldn’t have won their seats in 2012 and 2016 which caused the GOP to gain control to pass this tax bill.
https://www.google.com/amp/s/oregoncatalyst.com/25561-reminder-obamacare-passed-single-republican-vote.html/amp
Its cyclical. 2018 will change things again. Thats how it works
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| Posted 12/26/17 1:17 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Is anyone paying their property tax early because of new tax bill?
I already paid School 2017-2018 in full. I might also pay my 2018 General now in full. If you normally itemize but think there is a possibility to take the standard deduction next year it's worth it to prepay now.
Supposedly lines are out the door to pay in person at the town offices this week. I don't know why they are doing this in person when you can just mail a check in.
Even though crooked Cuomo said it's ok to prepay 2018 taxes now, it is still unclear if the IRS will allow the deduction for 2017 taxes. I would think they will make a decision on that this week.
I suppose if you mail out a check this week and have it postmarked so you can deduct for 2017, if the IRS says you can't you can just deduct in 2018 assuming you itemize, figuring the check won't cash until 2018 anyways.
If you are in town Oyster Bay you can look up your 2018 general tax amount here.
http://oysterbaytown.com/wp-content/uploads/WarrantParcelTax_Report_NoOwner.pdf
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| Posted 12/27/17 9:50 AM |
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hope123
LIF Adult
Member since 2/08 1097 total posts
Name:
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Re: Is anyone paying their property tax early because of new tax bill?
Posted by bunnyluck
Nope. We pay AMT so no point. We'll probably break even under the new plan or come close one way or the other. It is what it is.
This is my understanding also about AMT. However, I am hearing that some people who pay AMT are able to take advantage of pre paying but I can’t understand how. I have been doing my own taxes past few years because my tax guy made a same stupid mistake on our return two years in a row. We pay AMT too and I am in a dilemma as to pre pay or not. I don’t really have a tax person to ask and I don’t want to go to someone new as I am sure they are all busy. This is so annoying that it’s happening in the last week of the year and there is not enough time to research it and mail the payment in time.
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| Posted 12/27/17 10:04 AM |
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ali120206
2 Boys
Member since 7/06 17792 total posts
Name:
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Is anyone paying their property tax early because of new tax bill?
I'm not sure yet. We pay the AMT as well. If I do prepay - it will only be partial since our taxes are only about $12k in total.
Need to reach out to our tax guy.
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| Posted 12/27/17 10:33 AM |
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hope123
LIF Adult
Member since 2/08 1097 total posts
Name:
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Re: Is anyone paying their property tax early because of new tax bill?
Posted by ali120206
I'm not sure yet. We pay the AMT as well. If I do prepay - it will only be partial since our taxes are only about $12k in total.
Need to reach out to our tax guy.
If you can, would you mind share what he says. I know everyone’s tax situation is different but I heard someone who pays AMT say their tax guy advised them to pay now but I don’t know the details.
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| Posted 12/27/17 10:37 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Is anyone paying their property tax early because of new tax bill?
Posted by ChristinaM128
Posted by FTM427
Posted by Chai77
I hope you Trump supporters are happy.
It wasn't just Trump writing the new tax code...both Democrats and Republicans voted yes to it. Also have you done any research into your specific tax scenario? while there is a 10k cap for this item....there are other things which end up benefiting. Yes while it does seem that this directly affects blue states (tend to be high income/high taxes) myself personally I'll actually be saving several thousand dollars even though this dedication is now capped.
You may save now, but look at the projections for 10 years down the road. This governing body we have in office now will always favor corporate and the very wealthy over anyone else. Just wool over eyes for now.
Depends on what you clarify “very wealthy” is. Do you really think Bernie Sanders would have been a better option? He wanted to eliminate the FICA cap for people who make over 115k a year (or whatever the number is). Personally I hope he goes senile before he can run again.
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| Posted 12/27/17 11:15 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Is anyone paying their property tax early because of new tax bill?
Posted by hope123
Posted by ali120206
I'm not sure yet. We pay the AMT as well. If I do prepay - it will only be partial since our taxes are only about $12k in total.
Need to reach out to our tax guy.
If you can, would you mind share what he says. I know everyone’s tax situation is different but I heard someone who pays AMT say their tax guy advised them to pay now but I don’t know the details.
It really depends on your situation. If you mail a check in on the 29th and postmark it that date (take a picture of the envelope as proof), it likely won't be cashed until 2018 anyways.
Run the numbers with your tax man or run them yourself and see how much you gain on your 2017 taxes by taking the deduction now. If it's not enough, just apply them toward 2018 taxes since it was cashed on 2018 anyways. It's not like the town gives you a hard date on what year you are required to claim the deduction.
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| Posted 12/27/17 11:26 AM |
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ali120206
2 Boys
Member since 7/06 17792 total posts
Name:
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Re: Is anyone paying their property tax early because of new tax bill?
Posted by ave1024
Posted by hope123
Posted by ali120206
I'm not sure yet. We pay the AMT as well. If I do prepay - it will only be partial since our taxes are only about $12k in total.
Need to reach out to our tax guy.
If you can, would you mind share what he says. I know everyone’s tax situation is different but I heard someone who pays AMT say their tax guy advised them to pay now but I don’t know the details.
It really depends on your situation. If you mail a check in on the 29th and postmark it that date (take a picture of the envelope as proof), it likely won't be cashed until 2018 anyways.
Run the numbers with your tax man or run them yourself and see how much you gain on your 2017 taxes by taking the deduction now. If it's not enough, just apply them toward 2018 taxes since it was cashed on 2018 anyways. It's not like the town gives you a hard date on what year you are required to claim the deduction.
If we do - I'm going to hand deliver on Friday.
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| Posted 12/27/17 1:14 PM |
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hope123
LIF Adult
Member since 2/08 1097 total posts
Name:
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Re: Is anyone paying their property tax early because of new tax bill?
If we do - I'm going to hand deliver on Friday.
If you mail the payment, I thought it needs to have December date postmarked and they don’t have to receive it by Friday. Is this not correct?
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| Posted 12/27/17 1:24 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Is anyone paying their property tax early because of new tax bill?
Posted by hope123
If we do - I'm going to hand deliver on Friday.
If you mail the payment, I thought it needs to have December date postmarked and they don’t have to receive it by Friday. Is this not correct?
Yes I thought just needs to be postmarked by 12/31. Take a picture of the stamped envelope if you require proof you “paid” in 2017. Or pay $3 to certify it and that’s your receipt. Better than sitting 2 hours on a line IMO. Even if the check gets lost the certified letter should still be proof to claim in 2017. Just mail another check if that happens or drop the check off.
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| Posted 12/27/17 3:54 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19458 total posts
Name:
L
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Re: Is anyone paying their property tax early because of new tax bill?
I am in NJ, and just paid ours. The tax assessor said the check needed to be deposited, not just in the mail by 12/31. Also, the news said the Nassau county tax office has more hours. I don't think mail delivery will service.
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| Posted 12/27/17 4:03 PM |
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Chai77
Brighter days ahead
Member since 4/07 7364 total posts
Name:
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Re: Is anyone paying their property tax early because of new tax bill?
Posted by ave1024
Posted by ChristinaM128
Posted by FTM427
Posted by Chai77
I hope you Trump supporters are happy.
It wasn't just Trump writing the new tax code...both Democrats and Republicans voted yes to it. Also have you done any research into your specific tax scenario? while there is a 10k cap for this item....there are other things which end up benefiting. Yes while it does seem that this directly affects blue states (tend to be high income/high taxes) myself personally I'll actually be saving several thousand dollars even though this dedication is now capped.
You may save now, but look at the projections for 10 years down the road. This governing body we have in office now will always favor corporate and the very wealthy over anyone else. Just wool over eyes for now.
Depends on what you clarify “very wealthy” is. Do you really think Bernie Sanders would have been a better option? He wanted to eliminate the FICA cap for people who make over 115k a year (or whatever the number is). Personally I hope he goes senile before he can run again.
Yes, I really think Bernie Sanders would have been a better option. AbsoEFFINGlutely. Why do you hope he goes senile before he can run again- scared?
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| Posted 12/27/17 4:05 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19458 total posts
Name:
L
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Re: Is anyone paying their property tax early because of new tax bill?
Ftm427 for most people who live in blue states that make between 90-200k this bill will hurt them. Yes, this year you will get a lower tax bill but in a few years individual income taxes will increase. Business taxes are perminantely lowered. The GOP did not conference with any democrats. They rammed this bill down in less than a month. A typical tax bill taxes years to negotiate. years with both parties giving input. The republicans did not ask for and actively kept democrats out of the negotiating process.
For an average LI family of 4 you loose the personal exemption of 16,400, plus the 12,000 standard deduction. You loose the state taxes you pay in your paycheck. You loose if you have a high property tax bill. If your state taxes plus property taxes are more than 10,000 you loose all of that money. By loosing all of that money, unless you are paying 14,000 + in mortgage interest you loose your mortgage interest deduction too. Oh and charities will suffer because people are taking the standard over the itemized so kiss the $3000 in deductions for that goodbye too.
Your income most likely is not pass through income either.
The thing is, I would be fine if the tax increase went to infrustructure, education, or healthcare, but this bill is giving money to the ultra wealthy at the expense of you and me. The sad thing is that you are so busy defending your team to understand the actual effects of this bill because you think you won, but you lost and so did almost everyone else.
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| Posted 12/27/17 4:27 PM |
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