Just want to give you this one quick recommendation as the year winds down to save some taxes. Now that it appears there is a very good chance there will be tax law changes enacted into law for 2018, there is one deduction that is essentially being eliminated in 2018 that you can still take advantage of by paying this year. Please consider paying your 2018 real estate taxes for your primary residence and other vacation homes prior to 12/31/17. I?m sure the cities or towns have already had a lot of people asking to prepay their real estate taxes early, so will be able to quickly tell you what to do.
If you still have a mortgage on the property, you will want to notify the mortgage company that you will be paying some of your next year?s taxes on your own. They too have probably received a bunch of calls already asking about this.
Paying real estate taxes due in 2018 prior to 12/31/17 could be the difference between deducting those taxes paid and not deducting them at all. If you have any follow up questions to this strategy, or have heard of other strategies being implemented by other to minimize their taxes under the pending rules, please let us know.
Here are a few links to great recaps about the new tax plan: