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I am sharing this due to there being a lot of confusion with the new property tax law. Many of us are not wealthy enough for the change in the tax deduction for property tax to matter. The new law allows a maximum of $10,000 to be written off. Some in super high cost housing pay more so want to prepay for 2018 in order to still get the benefit. Don't worry about it is the take away for most of us..... COL Mikel J. Burroughs Capt Dwayne Conyers SMSgt Minister Gerald A. "Doc" Thomas Dawn Mischler @allerg SPC Douglas Bolton SGT David A. 'Cowboy' Groth LTC Stephen F. SP5 Mark Kuzinski Sgt John H. PO3 John Wagner
Should you prepay your property taxes for 2018?
Posted from nbcnews.com
Finance
Taxes
Transition
Posted 7 y ago
Responses: 4
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IRS says many who prepaid property taxes may still face cap on deductions
Federal government issues guidelines saying only taxes assessed in 2017 will be deductible with 2018 filings.
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Thank you for the great share Erin, things are still in limbo, with the house we live in since my wife's mother passed and left it to her.
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I may need to incorporate for any of this to do me any good at all.
They may have eliminated a $15,000 deduction for me... possibly not because I file a schedule C.
They are taking away the truckers daily deduction..... seriously? They totally crapped on everyone's ability to make money, or even have any decent homelife with the electronic log mandate.
Now they want to strip away a deduction which becomes even more significant when guys are stuck on the road more because they aren't allowed to drive that last 30 minutes home.
Folks I'll say it once more. The safety aspect of any electronic logging agenda is a lie.
Almost any time the government says safety you can count on everything they just told you or are about to tell you is a bald faced lie.
Legislators see the word "safety" as a "third rail". Argue against anything that they tag with "safety" and every death or accident becomes your fault.
They may have eliminated a $15,000 deduction for me... possibly not because I file a schedule C.
They are taking away the truckers daily deduction..... seriously? They totally crapped on everyone's ability to make money, or even have any decent homelife with the electronic log mandate.
Now they want to strip away a deduction which becomes even more significant when guys are stuck on the road more because they aren't allowed to drive that last 30 minutes home.
Folks I'll say it once more. The safety aspect of any electronic logging agenda is a lie.
Almost any time the government says safety you can count on everything they just told you or are about to tell you is a bald faced lie.
Legislators see the word "safety" as a "third rail". Argue against anything that they tag with "safety" and every death or accident becomes your fault.
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