CNN Interviews Greg Jenner about Pre-Paying 2018 Property Taxes

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Tax attorney Greg Jenner was interviewed by CNN’s Don Lemon about how the new tax bill impacts homeowners and what, if any, preparations homeowners can take before 2018.

As Lemon explained during the segment, the new bill caps the deduction for state, local, and property taxes at $10,000.00. This has caused many homeowners in high tax states like New York to pre-pay their 2018 tax bill in order to receive the full benefit of the deduction on their 2017 taxes.

Jenner reminded viewers that the cap includes all state and local taxes, including income taxes. He recommended that homeowners, who itemize their deduction and believe that their income and property taxes will hit the cap for 2018, should pre-pay their property taxes before the end of the year. He also recommended that people deliver payment to the property tax office directly to avoid questions from the IRS in 2018.

 “Whether the IRS will be lenient or not, one would hope, particularly if they want taxpayers to get all the benefits of the tax bill,” said Jenner. “Of course, this is one where you are trying to take advantage of the old system, not the new system.”

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