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| Live in Cook County? | |
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| Tweet Topic Started: Dec 21 2017, 06:13 AM (122 Views) | |
| John Galt | Dec 21 2017, 06:13 AM Post #1 |
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Fulla-Carp
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You can prepay your first half 2017 property tax before the end of December and deduct it from this year's taxes (if you itemize). Treasurer has the bills ready and you can download them here: https://cookcountytreasurer.com/ |
| Let us begin anew, remembering on both sides that civility is not a sign of weakness. | |
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| George K | Dec 29 2017, 04:40 AM Post #2 |
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Finally
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Done. |
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A guide to GKSR: Click "Now look here, you Baltic gas passer... " - Mik, 6/14/08 Nothing is as effective as homeopathy. I'd rather listen to an hour of Abba than an hour of The Beatles. - Klaus, 4/29/18 | |
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| Copper | Dec 29 2017, 09:05 AM Post #3 |
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Shortstop
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Did you see the story yesterday that said that many people who did this can't. They misunderstood the law and they can't really deduct the paid-in-advance property tax? |
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The Confederate soldier was peculiar in that he was ever ready to fight, but never ready to submit to the routine duty and discipline of the camp or the march. The soldiers were determined to be soldiers after their own notions, and do their duty, for the love of it, as they thought best. Carlton McCarthy | |
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| George K | Dec 29 2017, 09:16 AM Post #4 |
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Finally
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My understanding is that it's deductible if: 1) Property has been assessed for 2017 (mine has) 2) Bill is available (it is) 3) Payment is made in 2017 (I did) |
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A guide to GKSR: Click "Now look here, you Baltic gas passer... " - Mik, 6/14/08 Nothing is as effective as homeopathy. I'd rather listen to an hour of Abba than an hour of The Beatles. - Klaus, 4/29/18 | |
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| Copper | Dec 29 2017, 09:30 AM Post #5 |
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Shortstop
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That sounds right. From the IRS 2 days ago https://www.irs.gov/newsroom/irs-advisory-prepaid-real-property-taxes-may-be-deductible-in-2017-if-assessed-and-paid-in-2017
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The Confederate soldier was peculiar in that he was ever ready to fight, but never ready to submit to the routine duty and discipline of the camp or the march. The soldiers were determined to be soldiers after their own notions, and do their duty, for the love of it, as they thought best. Carlton McCarthy | |
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| George K | Dec 29 2017, 09:49 AM Post #6 |
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Finally
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My timing on this is pretty good considering the new tax law's restrictions on deductibility of real estate taxes. In 2017 1) I paid real estate taxes on the condo 2) I paid 2016 real estate taxes on the Cheddarshack® 3) I sold the Cheddarshack® and paid real estate taxes through the middle of November 2017 4) I paid the first installment of the real estate taxes on the condo. Numbers 2,3, and 4 would have been not deductible because of the threshold. |
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A guide to GKSR: Click "Now look here, you Baltic gas passer... " - Mik, 6/14/08 Nothing is as effective as homeopathy. I'd rather listen to an hour of Abba than an hour of The Beatles. - Klaus, 4/29/18 | |
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| jon-nyc | Dec 29 2017, 11:11 AM Post #7 |
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Cheers
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Well, no one has done it yet. You can’t deduct things until you file. The down side of paying your real estate taxes a month or two early is negligible. |
| In my defense, I was left unsupervised. | |
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| Copper | Dec 29 2017, 12:31 PM Post #8 |
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Shortstop
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They paid their property taxes early. As this article points out, some shouldn't: https://www.forbes.com/sites/kateashford/2017/12/28/property-taxes/#3a77dd905513 |
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The Confederate soldier was peculiar in that he was ever ready to fight, but never ready to submit to the routine duty and discipline of the camp or the march. The soldiers were determined to be soldiers after their own notions, and do their duty, for the love of it, as they thought best. Carlton McCarthy | |
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| John Galt | Dec 29 2017, 12:42 PM Post #9 |
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Fulla-Carp
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Yea, I think George is right about prepaying; our county treasurer agrees. The bill is not an estimated one; in Cook County the first installment is 55% of the previous year's taxes, and is normally due March 1. The second installment bill comes in late June/early July and is due August 1, and that final amount is based on the current year's levies from the various taxing bodies. As jon said, at worst we're paying three months early and if we can't take it as a deduction on our 2017 federal return, then "oh, well". We also prepaid our taxes on our Cheddarhut®. For our county, that bill always arrives in early December, and you can pay the entire bill, or split it into two installments due by January 31 and July 31. We paid the whole thing in December for 2017's taxes, and had done the January/July payments this year for the 2016 taxes. So we have two years of Cheddartaxes and a year and a half of Illinois (don't prounounce the 's') taxes to deduct. P*D said something interesting about what might happen in the future with respect to itemizing:
This whole thing is a cluster****, though. Should have been more guidance and clarification ahead of time. It's left a lot of people and government entities in a lurch trying to figure out what to do. Edited by John Galt, Dec 29 2017, 12:44 PM.
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| Let us begin anew, remembering on both sides that civility is not a sign of weakness. | |
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| Larry | Dec 29 2017, 12:47 PM Post #10 |
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Mmmmmmm, pie!
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Am I the only one who thinks there's something bad wrong when we get to a point that we have to plan out when we pay one tax in order to get a discount on another tax..... |
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Of the Pokatwat Tribe | |
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| Larry | Dec 29 2017, 12:53 PM Post #11 |
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Mmmmmmm, pie!
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I thought you liberals lived paying taxes? Just do your patriotic duty and pay the way that will cost you the most. Live your values! |
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Of the Pokatwat Tribe | |
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