NY Residents And The New Tax Bill

Dated: 12/22/2017

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The new tax bill which will soon become law, has provided a few tax saving opportunities you may want to consider. If you expect that you will not be subject to the alternative minimum tax (AMT) in 2017, you may want toconsider prepaying in 2017 the 1stand/or 2nd quarter 2018 property tax billsin 2017 where possible. This is because the deduction for property taxes and state and local income taxes will be limited to $10,000 in 2018. If you prepay the property taxes in 2017, you will be able to deduct the taxes on your 2017 tax return and accelerate your deduction.

If applicable, you may also want to consideraccelerating paying any state estimated taxesthat may be due in 2018 byDecember 31, 2017.

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Donna Podesta

I am an experienced Realtor working in the Greater Hudson Valley Region which includes both Rockland and Orange County. My goal is to make my client's real estate experience a happy one. Because succe....

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