It seems we are getting a new tax bill (Law)

[jklcpa]

In addition to what cbslee posted about, if one looks at the sections of the bill in skeleton outline form, the pass-through deduction is Part II of Subtitle A, and Sub A is "Individual Tax Reform"

[BulldogTom]

Thank you both.   It must be a pain putting up with those of us who won't click links.   I appreciate your efforts.

Tom
Modesto, CA

[Catherine]

I figure that even if pre-paying property tax for the current fiscal year is not deductible - it's worth a try because by the time we know it will be too late for anyone to go back and do it.  It's not like anyone is going to avoid paying it next year anyway.  Here in MA, a lot of folks will use up most of the 10K allotment just with income taxes from the state.  As long as they have the cash flow to handle it, and are willing to pre-pay tax they could put off until February or May, why not?

[Roberts]

20 hours ago, BulldogTom said:

In my area, the combined CA taxes plus Property taxes will exceed the 10K cap next year for my middle income clients. 

Tom
Modesto, CA

I'm sure for you guys that's normal. In my area that isn't!!!!  My 26 year old nephew is in Santa Clara and his townhouse has property taxes of $9,600.

[LouD]

just need to be wary of clients that are in or close to the AMT threshold - then there would be no benefit to parting with the cash at all

[JohnH]

2 hours ago, LouD said:

just need to be wary of clients that are in or close to the AMT threshold - then there would be no benefit to parting with the cash at all

But no significant downside either, unless they parked it in bitcoin during the interim. 

[Catherine]

19 hours ago, JohnH said:

unless they parked it in bitcoin

If they shorted bitcoin, it could be a big win!  But that's WAY too much like wild gambling for my taste...