Re: pre-paying 2018 taxes

Posted by jerseymom on 2018/1/12 9:27:29
By Samantha Marcus smarcus@njadvancemedia.com,
NJ Advance Media for NJ.com

New Jerseyans who rushed to pay their 2018 property taxes before Dec. 31 won't be able to deduct the expense from their 2017 state income taxes, the New Jersey Society of CPAs advised Thursday.

While the IRS issued instructions last month that some 2018 prepayments are deductible from federal income taxes in 2017 if you've already received a bill, the same is not true for state income taxes, NJCPA said, citing New Jersey's Division of Taxation.

"Homeowners may be in for shock when they discover that their end-of-year planning to increase their 2017 federal property tax deduction will have no impact on their 2017 New Jersey income tax return," said Ralph Albert Thomas, executive director of NJCPA.

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