the.irvine
Active member
If Trump signs this new bill before Christmas time, would this become effective for 2017. So when we are ready to file our 2017 taxes in Q1 2018, we will be filing with new tax rules?
Changer said:I guess you prepay just in case the bill does NOT pass. That's the thinking. There's no downside that I can see.
morekaos said:Don?t think it matters.
https://www.nytimes.com/2017/12/15/us/politics/republican-tax-bill.html
Republicans' $1.5 Trillion Tax Plan Appears on Track to Pass Next Week
In a pre-emptive move against accounting maneuvers in high-tax states such as New York and California, the bill prohibits taxpayers from prepaying next year's state and local income taxes, in order to deduct them from 2017 taxes. That form of tax planning would have allowed taxpayers to benefit more from the full state and local deduction this year before it is capped next year.
Correction: December 20, 2017
An earlier version of this article misstated the types of taxes that taxpayers would be prohibited from prepaying under the new tax legislation. It would bar taxpayers only from prepaying next year?s state and local income taxes, not property taxes.