KiwiTeTua
12-27-2017, 10:35 PM
https://hoiquanphidung.com/uploadpics/hqpd1017/1514413774-Taxes.jpg
Part of the Republican tax overhaul that President Trump signed into law last week has homeowners around the country doing something unusual: rushing to pay their 2018 property taxes well before the due date.
That's because the new law includes a $10,000 cap on the amount of state and local taxes people can deduct on their federal returns. Before, if someone paid $24,000 in property taxes - as some people in higher tax states like New York and California do - and then paid $20,000 in state and local income taxes they were allowed to deduct $44,000 on their federal tax return. Now that number is capped at $10,000. The change could cost some people thousands of dollars.
Please read more.....
https://www.npr.org/2017/12/26/573628779/why-homeowners-are-scrambling-to-prepay-their-2018-property-taxes
Part of the Republican tax overhaul that President Trump signed into law last week has homeowners around the country doing something unusual: rushing to pay their 2018 property taxes well before the due date.
That's because the new law includes a $10,000 cap on the amount of state and local taxes people can deduct on their federal returns. Before, if someone paid $24,000 in property taxes - as some people in higher tax states like New York and California do - and then paid $20,000 in state and local income taxes they were allowed to deduct $44,000 on their federal tax return. Now that number is capped at $10,000. The change could cost some people thousands of dollars.
Please read more.....
https://www.npr.org/2017/12/26/573628779/why-homeowners-are-scrambling-to-prepay-their-2018-property-taxes