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    DON'T FORGET TO PAY YOUR REAL ESTATE TAXES BY FRIDAY!!!!

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    DON'T FORGET TO PAY YOUR REAL ESTATE TAXES BY FRIDAY!!!!

    Post by Guest on Tue Dec 26, 2017 10:00 am

    THE KARK PAID HIS THIS MORNING AND EXPECTS HIS 2017 FEDERAL INCOME TAX LIABILITY TO DROP BY ALMOST $3K!!!!!!


    FYI, WHILE DOING THIS MAY MAKE SENSE FOR MANY, IT WON'T MAKE SENSE FOR ALL.  SO CONSULT A TAX PROFESSIONAL THAT IS FAMILIAR WITH YOUR SITUATION.


    YOU CAN ALWAYS EMAIL KARKO05@AOL.COM AND I CAN PROVIDE YOU WITH SOME ROUGH GUIDLEINES.  BASICALLY, IF PAYING YOUR 2017 REAL ESTATE TAXES IN 2017 REDUCES YOUR 2018 ITEMIZED DEDUCTIONS BELOW $24K, THEN PAY THEM THIS YEAR AND TAKE THE STANDARD DEDUCTION NEXT YEAR.


    IF YOUR REAL ESTATE TAXES ARE WELL ABOVE $10K, YOU PROBABLY SHOULD PAY THEM IN 2017 AS WELL.


    AGAIN, SINCE THE TAX LAW IS SO COMPLICATED, ASK A TAX PRO FAMILIAR WITH YOU SITUATION.  I KNOW WHAT WORKS FOR ME.  BUT I THAT DOESN'T MEAN IT WILL WORK FOR YOU.  HOPEFULLY IT DOES.  ITS DEFINITELY WORTH INVESTIGATING INSTEAD OF WHINING ABOUT SOME BULLSHIT WEALTH TRANSFER TOT HE RICH
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    Soxillinirob
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    Re: DON'T FORGET TO PAY YOUR REAL ESTATE TAXES BY FRIDAY!!!!

    Post by Soxillinirob on Tue Dec 26, 2017 12:14 pm

    Hooray. Another loophole that helps the more fortunate to gain more wealth. Lucky us!

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    Re: DON'T FORGET TO PAY YOUR REAL ESTATE TAXES BY FRIDAY!!!!

    Post by Guest on Tue Dec 26, 2017 2:17 pm

    WRONG GENIUS


    YOU AREN'T GAINING MORE WEALTH


    YOU ARE KEEPING MORE OF THE WEALTH YOU EARNED


    JUST FOR ONCE, CAN YOU BE INTELLECTUALLY HONEST ABOUT YOUR POLITICS?!?!?
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    Re: DON'T FORGET TO PAY YOUR REAL ESTATE TAXES BY FRIDAY!!!!

    Post by Soxillinirob on Tue Dec 26, 2017 8:30 pm

    Same net difference.  I'll rephrase.  

    Hooray, another loophole that lets the more financially fortunate keep more of their wealth than the poor and less fortunate.  Hooray me!
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    Re: DON'T FORGET TO PAY YOUR REAL ESTATE TAXES BY FRIDAY!!!!

    Post by Soxillinirob on Wed Jan 03, 2018 12:01 pm

    Well...so much for this loophole.  Looks like the IRS is going to disallow it.

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    Re: DON'T FORGET TO PAY YOUR REAL ESTATE TAXES BY FRIDAY!!!!

    Post by Guest on Wed Jan 03, 2018 3:53 pm

    Soxillinirob wrote:Well...so much for this loophole.  Looks like the IRS is going to disallow it.


    the IRS will be over ruled due to public outcry


    Chicago alone collected 3/4 of a billion in prepayments


    The IRS doesn't have final say.


    Congress and the Courts and over rule them.


    The public pressure will be too great to ignore.


    BTW, it wasn't a loophole.  One always could prepay their real estate taxes in states that bill in the rear.  Prior to this tax change, it made no sense for 99% of the population to do so.  Therefore, it never was an issue.  But thank you once again for displaying your blatant double standard.
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    Re: DON'T FORGET TO PAY YOUR REAL ESTATE TAXES BY FRIDAY!!!!

    Post by Soxillinirob on Wed Jan 03, 2018 4:43 pm

    Deplorable Mark wrote:
    Soxillinirob wrote:Well...so much for this loophole.  Looks like the IRS is going to disallow it.


    the IRS will be over ruled due to public outcry


    Chicago alone collected 3/4 of a billion in prepayments


    The IRS doesn't have final say.


    Congress and the Courts and over rule them.


    The public pressure will be too great to ignore.


    BTW, it wasn't a loophole.  One always could prepay their real estate taxes in states that bill in the rear.  Prior to this tax change, it made no sense for 99% of the population to do so.  Therefore, it never was an issue.  But thank you once again for displaying your blatant double standard.

    Most of the people I know that early-paid plan on taking the deduction anyway and seeing if the IRS challenges or audits them.
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    Re: DON'T FORGET TO PAY YOUR REAL ESTATE TAXES BY FRIDAY!!!!

    Post by Soxillinirob on Wed Jan 03, 2018 5:04 pm

    Also read today that some states are considering changing their tax system to one where you could make a charitable donation to the state and that donation can be used as a dollar for dollar credit toward the taxes you would owe.  That way you can deduct your state taxes as a charitable donation.  That would be interesting to see.

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    Re: DON'T FORGET TO PAY YOUR REAL ESTATE TAXES BY FRIDAY!!!!

    Post by Guest on Thu Jan 04, 2018 10:35 am

    Just spoke with the corporate auditors


    Their take is that you cannot prepay your 2018 real estate taxes, but you can pay your 2017 real estate taxes payable in 2018 before 2018 and take the deduction


    Not every state bills in arrears.  Florida for example will bill you in November for that current year.  so the company I work for paid its 2017 real estate taxes in 2017.


    As to RobZ point about the people he knows, my guess is that they all live in Illinois and since Illinois bills in arrears, they can legitimately take the deduction.  However, you should get a 2nd opinion from someone who actually does taxes professionally


    BTW, the corporate auditors told me that the IRS is laying off people.  Hint Hint
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    Re: DON'T FORGET TO PAY YOUR REAL ESTATE TAXES BY FRIDAY!!!!

    Post by Soxillinirob on Thu Jan 04, 2018 11:56 am

    Deplorable Mark wrote:As to RobZ point about the people he knows, my guess is that they all live in Illinois and since Illinois bills in arrears, they can legitimately take the deduction.  However, you should get a 2nd opinion from someone who actually does taxes professionally

    The accounts of this I've read and seen on TV are such that if you don't receive a bill in 2017 for your 2018 taxes, then it can't be deducted.  Like you, I suspect this is still subject to change, but the take I've heard from the accountant that refers me a lot of business is that since Kane County doesn't issue an actual bill for 2017 taxes until May of 2018, the prepayments made in late 2017 won't be able to be deducted unless someone wants to take the gamble that they can get away with it, or take the gamble that even if they get caught, they can plead ignorance and not really face any kind of actual penalties and instead just repay the amount of additional tax refund that they rec'd unfairly.

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    Re: DON'T FORGET TO PAY YOUR REAL ESTATE TAXES BY FRIDAY!!!!

    Post by Guest on Thu Jan 04, 2018 4:33 pm

    Soxillinirob wrote:
    Deplorable Mark wrote:As to RobZ point about the people he knows, my guess is that they all live in Illinois and since Illinois bills in arrears, they can legitimately take the deduction.  However, you should get a 2nd opinion from someone who actually does taxes professionally

    The accounts of this I've read and seen on TV are such that if you don't receive a bill in 2017 for your 2018 taxes, then it can't be deducted.  Like you, I suspect this is still subject to change, but the take I've heard from the accountant that refers me a lot of business is that since Kane County doesn't issue an actual bill for 2017 taxes until May of 2018, the prepayments made in late 2017 won't be able to be deducted unless someone wants to take the gamble that they can get away with it, or take the gamble that even if they get caught, they can plead ignorance and not really face any kind of actual penalties and instead just repay the amount of additional tax refund that they rec'd unfairly.


    Hillarious how you think its the tax payer acting unfairly and trying to get away with something.  More like a bunch of out of touch politicians with law degrees too stupid to anticipate an obvious reaction.  Oh, but we need their governmental experience.  LMAO!!!  Term limit each and everyone of these SOB's.  DC stand for Dumb and Corrupt and that is exactly what whats to these people the longer they stay in Congress.


    PS, apparently your accountant thinks different from my accountant.  Or should I say my multiple accountants.  An early December CPA function had a tax expert recommend this as well.  Sounds like the IRS is trying to jerk the middle class around after the fact.  I thought that would piss you off.


    PSS, reasonable estimates are allowable to deduct expenses for all sorts of items.  Why should real estate taxes be any different.


    PSSS, the more I think of it, the more Illinois real estate taxes sound like an early payment, not a prepayment.  Plus, if you are on an accrual basis, you would be taking this 2017 expense even though its not paid until 2018.


    PSSSS, Tax court, not the IRS would have the final word.  And yes, the IRS does lose in tax court.  Typically on items like this where they are clearly being arbitrary and discriminatory.
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    Re: DON'T FORGET TO PAY YOUR REAL ESTATE TAXES BY FRIDAY!!!!

    Post by Soxillinirob on Thu Jan 04, 2018 7:10 pm

    Deplorable Mark wrote:

    Hillarious how you think its the tax payer acting unfairly and trying to get away with something.  More like a bunch of out of touch politicians with law degrees too stupid to anticipate an obvious reaction.  Oh, but we need their governmental experience.  LMAO!!!  Term limit each and everyone of these SOB's.  DC stand for Dumb and Corrupt and that is exactly what whats to these people the longer they stay in Congress.

    Perhaps you're misreading my thoughts on this matter.  I don't think anyone is acting unfairly at all.  I'd have prepaid mine, too, except that I don't remain very liquid in these kinds of stock market times.  My liquidity is all tied up in the markets and I keep very little in cash lying around.  Thusly, if I want to take advantage of this little perk, I'd probably need to liquidate and sell off some mutuals at a significant gain and it just didn't seem all that worth it to me to hassle with it, since then I'd be paying some unnecessary cap gains in order to increase my tax refund by 2,300 minus whatever cap gains tax i'd pay for selling off some mutuals.  All in all, I would have still benefited, but I also escrow with my mortgage, so it just would have sucked for me overall in terms of hassles and so forth, so I opted to not do it.  My original point on this remains, however, which is that of course the little loophole that allows people like you and me and others to make a few more bucks is something that poor folks and working class folks pretty much can't access.  I just think that sucks for them.  the new tax law ends up providing 83% of the overall tax cut to the top 1% of our income earners, and 17% to the remaining 99%.  This is just another way for those top earners (or people with wealth on hand) to benefit.


    PS, apparently your accountant thinks different from my accountant.  Or should I say my multiple accountants.  An early December CPA function had a tax expert recommend this as well.  Sounds like the IRS is trying to jerk the middle class around after the fact.  I thought that would piss you off.

    I pressed my accountant friend on this further today and she now seems to think in line with you.  She did some research and sent me some excerpted language that seemed to imply that those who prepaid are probably going to be fine.  She left some room for that to change, but seemed to think that taking the deduction will likely be allowable.  She noted she just got back from vacation today and hadn't really studied up on it yet, figuring she'd get up to speed next week.  I'm not pissed and I'm not rooting against those that prepaid.  Many of my friends did, at my urging, along with a few clients of mine at my urging.  


    PSS, reasonable estimates are allowable to deduct expenses for all sorts of items.  Why should real estate taxes be any different.


    PSSS, the more I think of it, the more Illinois real estate taxes sound like an early payment, not a prepayment.  Plus, if you are on an accrual basis, you would be taking this 2017 expense even though its not paid until 2018.


    PSSSS, Tax court, not the IRS would have the final word.  And yes, the IRS does lose in tax court.  Typically on items like this where they are clearly being arbitrary and discriminatory.

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    Re: DON'T FORGET TO PAY YOUR REAL ESTATE TAXES BY FRIDAY!!!!

    Post by Guest on Sun Jan 07, 2018 8:07 am

    AGAIN ROB IN ILLINOIS ITS NOT A PREPAYMENT!!!!!!

    ITS PAYING EARLY

    THERE IS A DIFFERENCE!!!!

    PS, YOU PISS ME OFF WHEN YOU USE PHRASES LIKE

    GET AWAY WITH IT

    PEOPLE THAT WHERE PAYING THEIR TAXES EARLY WHERE NOT TRYING TO GET AWAY WITH ANYTHING.

    THEY WHERE TRYING TO LEGALLY MINIMIZE THEIR TAX LIABILITY BY FOLLOWING THE LETTER OF THE LAW

    AGAIN, BIG DIFFERENCE.

    MAYBE YOU SHOULD WORD YOUR OPINIONS BETTER, THEN MAYBE I WON'T BE MISREADING YOUR THOUGHTS ON THE MATTER
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    Re: DON'T FORGET TO PAY YOUR REAL ESTATE TAXES BY FRIDAY!!!!

    Post by Soxillinirob on Sun Jan 07, 2018 10:27 am

    Deplorable Mark wrote:
    MAYBE YOU SHOULD WORD YOUR OPINIONS BETTER, THEN MAYBE I WON'T BE MISREADING YOUR THOUGHTS ON THE MATTER

    True.  You have a lot of credibility when it comes to telling people how to properly express themselves.  LOL.

    I ran into a client of mine at a concert last night.  He's a client I had urged to prepay his 2018 tax installments (for2017) and he said he didn't do it because his accountant told him that since he already pays AMT, any deduction and savings he'd get for prepaying would be washed out by a dollar for dollar increase on his AMT.  I'm not sure I agree with that assessment, but he might be right.  Shit, his CPA ought to know.  We have been paying AMT for about 6 yrs, so perhaps it wouldn't have benefited me to do it, either.  I know that because of AMT, we haven't really been able to deduct things like unreimbursed job expenses for those six years, so he might be right.
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    Re: DON'T FORGET TO PAY YOUR REAL ESTATE TAXES BY FRIDAY!!!!

    Post by Soxillinirob on Sun Jan 07, 2018 6:17 pm

    I went back and checked on my 2016 Turbotax and if I had paid double property tax last year, I'd not have rec'd any additional federal return.  I just end up getting hit with a larger AMT and my fed return remains the same.  State return went up a few hundred bucks.  I guess I'm glad I didn't do it.

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    Re: DON'T FORGET TO PAY YOUR REAL ESTATE TAXES BY FRIDAY!!!!

    Post by Guest on Thu Jan 11, 2018 10:39 am

    Just attended a Tax Update


    The consensus is that prepayed real estate taxes are deductible in Illinois.


    However, what has been forgotten is that the State of Illinois give a 5% tax credit for real estate taxes paid in Illinois.  Therefore, those who prepaid 2017, which implies they will make ZERO payments in the 2018 calendar year, will not have this credit for the IL state income taxes due 4/15 in 2019.


    I suspect the amount of credit will range anywhere from $500 to $1200 depending on how high you real estate taxes are.  Meaning your 2018 IL Tax liability will increase this much.  So I strong suggest reviewing you withholdings and estimated payments to see if an increase is warranted.


    Good news, only 2018 should be affected by this, and only if your prepaid your 2017 real estate taxes.  Those who didn't prepay will get their 2018 credit

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    Re: DON'T FORGET TO PAY YOUR REAL ESTATE TAXES BY FRIDAY!!!!

    Post by Guest on Thu Jan 11, 2018 12:29 pm

    Soxillinirob wrote:I went back and checked on my 2016 Turbotax and if I had paid double property tax last year, I'd not have rec'd any additional federal return.  I just end up getting hit with a larger AMT and my fed return remains the same.  State return went up a few hundred bucks.  I guess I'm glad I didn't do it.


    GLAD TO HERE IT


    IF ANYBODY DESERVES TO PAY AMT ITS YOU


    BTW, RE-READ MY INITIAL POST.  I CLEARLY STATE THAT PREPAYING MIGHT NOT WORK FOR EVERYBODY.


    MAYBE YOU SHOULD HAVE CHECKED AMT B4 ACCUSING MILLIONS AND MILLIONS AND MILLIONS OF AMERICANS OF TRYING TO CHEAT THE GOV ON THEIR TAXES.


    PS, THANK YOUR DEMOCRAT BUDDIES AND FUCKED UP SENATE RULES FOR AMT.  OTHERWISE IT WOULD BE GONE
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    Re: DON'T FORGET TO PAY YOUR REAL ESTATE TAXES BY FRIDAY!!!!

    Post by Soxillinirob on Thu Jan 11, 2018 1:12 pm

    Deplorable Mark wrote:


    PS, THANK YOUR DEMOCRAT BUDDIES AND FUCKED UP SENATE RULES FOR AMT.  OTHERWISE IT WOULD BE GONE

    AMT began during the Nixon years.  What did the Dems do to cause it?  I thought I'd heard the AMT went away on the new bill.

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    Re: DON'T FORGET TO PAY YOUR REAL ESTATE TAXES BY FRIDAY!!!!

    Post by Guest on Thu Jan 11, 2018 10:49 pm

    Soxillinirob wrote:
    Deplorable Mark wrote:


    PS, THANK YOUR DEMOCRAT BUDDIES AND FUCKED UP SENATE RULES FOR AMT.  OTHERWISE IT WOULD BE GONE

    AMT began during the Nixon years.  What did the Dems do to cause it?  I thought I'd heard the AMT went away on the new bill.


    You heard wrong.  Unfortunately AMT is still here


    Hopefully they can kill it when they have to reform the reform


    PS, your Democrat buddies could have voted away AMT plenty of times in the past 40 years.  and learn how to read.  I never said they caused it.  Just they like keeping it
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    Re: DON'T FORGET TO PAY YOUR REAL ESTATE TAXES BY FRIDAY!!!!

    Post by Soxillinirob on Wed Jan 17, 2018 9:20 pm

    Deplorable Mark wrote:

    You heard wrong.  Unfortunately AMT is still here


    Hopefully they can kill it when they have to reform the reform


    PS, your Democrat buddies could have voted away AMT plenty of times in the past 40 years.  and learn how to read.  I never said they caused it.  Just they like keeping it

    My most trusted accountant friend told me over lunch today that the AMT is effectively gone for us regular people.  She said something about it only applying to people in the million dollar income range and said it's tied from now on to inflation.  Sounds like I won't be paying it anymore after this year.  

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