I’m shocked why some towns don’t accept pre-payment. Any idea why this might be?

I think everybody is still trying to figure this out--before last week, what dope would ever dream of prepaying?:look:

Humble advice--if your town says no, ask again politely a day or two later. Or, just mail them a check with a note and keep your fingers crossed. (Worst case, they mail the check back.)

Thanks to this thread I now have members that I truly look at from a different perspective, both higher and lower. Seems obvious to me which ones fit in which category. You guys rock!:eek::D.

Thanks, Peter, but the Wolfeboro Tax Collector confirmed that nothing doing for Wolfeboro because the relevant provision in the new tax law wasn't anticipated. It was good advice to check again, though, because many other jurisdictions around the country — state, country, or town, whichever is/are applicable — have scrambled to take the steps necessary to enable property tax prepayment; in some cases, including my primary residence state, officials who were out of town came home for special sessions to do this.

I don't know if there would have been enough time for the State of NH to process a request from Wolfeboro to make the arrangement but, since the Tax Collector didn't mention that any effort had been made or looked into, I got the impression that the Wolfeboro selectmen couldn't even be bothered to try.

The rich in Wolfeboro will just have to work harder to make-up the difference.
Nobody ever helped them get rich, they just did it on their own and they don't want it now.
RIGHT??????

Hot off the presses--here's an article that highlights the volatility of the situation. Unfortunately, it seems to make clear that for many this will be more difficult than expected just hours ago.

Overall, a real hassle for thousands (millions?) who have tried to pay early, and another example of how this law arbitrarily punishes some while rewarding others:

https://www.washingtonpost.com/news/...=.4e15b1b8fdaf

There are a few reasons.

The selectmen or the town meeting must vote to allow it. So, if you haven't done that at this late date, there's really no time.

If it were to be approved tomorrow, the town would need to set up a separate acct as those 2018 funds cannot go into the 2017 general fund.

RSA 80:52-a is a good place to start.

To add to the pissing contest already in progress.

1. Death should not be a taxable event. Period.

2. The leftists fear mongering over what happens in 2027 when these tax breaks for the middle class are supposed to expire is just that. No future congress is going to raise taxes on the middle class by letting them expire. Even Obama made all of Bush's tax cuts permanent. Is it possible? Sure, anything is possible. I'm betting that no one is going to go to the third rail on this.

3. We've had the highest corporate tax rates in the world. It's about time they were brought back to the middle of the pack.

Wow, that certainly complicates things. Thanks for sharing. So much for that.

Here's a December 27, 2017 advisory from the Internal Revenue Service concerning prepayment and deductability:

https://www.irs.gov/newsroom/irs-adv...d-paid-in-2017

Excuse me while I inject a wee bit of political humor here......hmmmm......hmmmm......my my my .... and hmmm .... is time for some serious reading comprehension here ..... :blush: .... "like who knew that redoing taxes could be so complicated .... duh?" ....... just who is that little, puffy, orange emoticon?

For a totally super-duper newspaper report on this IRS advisory, google this: New York Times, Dec 27, 2017: 'I.R.S. Warns That Prepaying Property Taxes Is a Risk' by Ben Casselman.

Would you be referring to ObamaCare? On second thought, I doubt it because ObamaCare punished just about everyone and rewarded no one that actually has to PAY for healthcare.

Seems pretty clear from the IRS. If the town hasn't given you a tax assessment/bill, any taxes paid ahead without it will fall under the new deductibility limits. If you have the bill in hand and pay by the end of 2017, they will be.

Center Harbor was late getting their tax bills out this year. They aren't "due" until into January 2018. Waiting to pay them until then, for some, might be a bad idea. Just today and tomorrow to pay?

However, since towns don't ASSESS taxes into the future, you can't get around the new federal tax SALT deduction reductions by paying to-be-assessed 2018 taxes ahead of time.

.... who u vote 4?
 

So, for property owners in Center Harbor with property taxes exceeding $10,000, to qualify for federal deductability on their 2017 federal taxes, they should be making payment to Town of Center Harbor by tomorrow, Friday, Dec 29, 2017.

That's like tomorrow to come up with the payment ...... plus it may have to be received by tomorrow, Friday, by the town as well ......hmmm?

Obviously, I voted for Hillary, but with my property taxes below the $10,000, the movement announcement for U.S.A. embassy from Tel Aviv to Jerusalem, and deporting the ms-13's ......maybe I should start to be liking Donald Trump ....plus his presidency is very entertaining to watch.... plus there's that big fat head of orange-blond hair!:blush: .... huff-puff-puff

When you say "That's like tomorrow to come up with the payment" you seem to be implying that is unreasonable? Normally taxes would be due before the end of December so reasonable people SHOULD have the money set aside already. However, I will bet a lot of people don't know they should have their payment in by Friday. For many of us :D it won't matter since we either use the standard deduction or have less than $10,000 in SALT taxes to deduct.

However, however, if you don't make your payment until 2018 and it gets added to the normal June and December 2018 payments, now the total of the 3 payments MIGHT exceed $10,000 :eek: and cost you in deductions.

When tax law changes like this, some people get caught in the transition.

You voted for Hillary, what a shocker!:laugh:

Yeah... but I think maybe he might be ready to join the Trump train! How about it FLL? I have to admit, he is an entertaining president to watch and listen to...kinda like Ol FLL Himself!

You might get a chance to "liking" the orange man, but you won't get a chance to ever vote for him and you can thank Robert Mueller for that.

Trump's been good for my retirement account but on a personal level I think he's an A$$. We got to take the good with the bad, and there's a lot of both with him.

Gilford
 

Just found out that Gilford is allowing 2 years of prepayments on your property tax...

Dan

I'm sure the IRS won't allow that second year. They already said you had to have an assessment in hand. Is Gilford going to issue an assessment beyond next year? Be prepared to be audited if you try to take it.

If the town allows it I don't see how it can be an issue. If an assessment happens they will simply bill or credit (yeah right) me the amount of the revised assessment. They can audit me as I don't do anything illegal or underhanded....

Edited to add: right after I posted this my accountant called and recommended I only prepay 1 year. Something about an update the IRS just put out about property tax prepayment.

Dan

Won't Happen
 

This won't happen if Republicans retain the House and the Senate. Republicans hold a strong edge in the House (239 to 193). Of the 34 seats up in the Senate for 2018, 26 are held by democrats, and there's a strong chance that Republicans will gain some seats.

For those of us who love Trump and what he's doing, this is encouraging.

Says who?? The way things are going, Meuller will be shut down...after a year of investigation and nothing to show for it despite spending millions, it’s nothing but a dem witch hunt....Meuller had his little ducks in a row drooling to bring down the President...how has that worked out??

Just remember, you didn't build that. All things good come from the large burdensome government you must support. .......:rolleye1:


Major, you are absolutely correct.

Decisions have consequences, if your life sucks, look inward not outward for the reason. It is absolutely still possible to get ahead in this world, but your choices have a lot to do with it. And remember, there is always someone bigger, better, smarter, younger, older, better off, worse off, you name it. Envy sucks and can ruin your life. Figure out what you have, and put it to use. Live within your means and strive to better yourself. To the people who tell you that you can't because the deck is stacked against you.... tell them to screw, they are just looking for company at the bottom.

Amen
 

Amen, brother.

Here's a noteworthy tax factoid; supposedly, the state and local tax payment deductions have been in use since 1913, when the federal income tax was enacted.

Will go look for more info on this, plus a link to a believable source;

https://taxfoundation.org/state-and-...uction-primer/

and, the federal income tax comes from the 16th Amendment to the U S Constitution which was ratified on Feb 3, 1913;

https://en.wikipedia.org/wiki/Sixtee...s_Constitution so it would seem this new $10,000 limit is a big,

historical tax happening ... like, totally HUGE.
...................

Attention: There must be some who voted enthusiastically for Donald Trump who are now not so enthusiastic with regard to this $10,000-limit of deductibility because it seems to be changing the rules half way through the ball game (sounds like something Ronald Reagan would say).

'Too Much House-2018' ...... what you have if your prop taxes exceed $10,000, starting in 2018 ..... ka-ching!

The IRS will not allow the deduction for prepayment of 2018 taxes unless they have been accessed. An estimated prepayment will be disallowed.

https://www.irs.gov/newsroom/irs-adv...d-paid-in-2017

People in Gilford will get a big surprise after they pay two years in advance.:eek:

Yes, like I said in my previous post, 1 year recommended by my accountant. Do you disagree with that...and if so why? Please explain!

Dan

It comes down to when you are accessed by your town. If you haven't been accessed for 2018, the IRS will not allow the prepayment toward 2018 as a deduction.

Pre-paying property taxes
 

I spoke with Meredith; they will accept prepayments and will apply them to the second (of two) 2018 property tax bills. They must be received by 5PM Friday.

This is without knowing what the IRS may do to counter this strategy or how successful they may be.

You know ..... here's something to consider ..... instead of prepaying today ....... Friday, December 29, 2017 ...... which is probably the last day to pre-pay because it's a friday ...... why don't you all just mail your 2018 property tax pre-payments to the Trump Organization ..... and eliminate the middle man!

You have to give 'The Don' his due! ... :rolleye2:

........................ :patriot::blush::patriot: ...................... fearless Donald
..............

Got too much house in 2018 ....... what to do ..... if you got TooMuchHouse-2018 syndrome and your prop taxes exceed $10,000.....

....lose a bedroom

....lose a bathroom

....lose a sun room

....lose all three; a bedroom, bathroom, sun room ...... all demolished!

....lose some land if you have more than ten acres that's not in 'current use' tax status

...demolish the existing house and replace it with a smaller house, or even a 'cottage' with no real foundation

...liter the yard with an aging pickup truck in effort to lower appraised value.....maybe demolish the garage and replace it with an old pickup with fiberglass cap that gets used for storage ...... ;)

wooda, wooda, wooda, wooda, too much house-2018, boo hoo hoo hoo!:D:laugh::D:patriot:

More useless drivel from FLL. :rolleye1:

Are you surprised?


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FLL - I love the selective outrage over this.... considering you love the idea of NH having both a sales and income tax? Where is the logic there? I guess if the idea is proposed by those that are of the same political philosophy as you then it's OK but if not it's bad!

Furthermore shame on you to suggest anyone create an yankee yard complete with environmentally unfriendly old pickup trucks that will leech toxic materials into the ground.

Love the know it alls. The independent investigator is a high integrity guy. Let’s see how it plays out. I think he’s spent about 4 minutes of interest accumulation on the national debt. Let’s stop with the faux outrage.


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Here's an eye witness, man-on-the-street , American Eye on Main St view, snapped in Meredith, NH in July, 2018 .....

First, a step back to 2016: So, what were people wearing for baseball caps now that summer was here back in July, 2016 ....... it's the red baseball cap emblazoned "Make America Great Again!".

Same question, two years later .... so, what are people wearing for baseball caps now that summer is here in July, 2018 ......it's the red baseball cap emblazoned "Too Much House!".

Ever since January 1, 2018, when we lost our over-$10,000 federal tax deduction for sales-income & property tax ..... we have "Too Much House!"

Here's a similar thought ..... picture this ..... you catch sight on a new, red bumper sticker on the back of a Porsche suv ......and what does it say ..... "Too Much House!"

You poor lonely man!

.....me so poor.....me so lonely ...... wooda wooda wooda......boohoo boohoo boohoo ......think I will go jump in the lake and have a good cry ......oopsie......lake is now frozen solid ice .....so, cannot even do that.... boohoo......will have to settle for ice fishing on thin ice .....do I have to wait until January 1 for the trout and salmon ice season to be legal.....plus get a $47 (45 & 2-handling fee) 2018-fishing license.....:confused: poor me! ......maybe I'll catch a happening fish and place it into the outdoor 104-degree hot tub!

Please let the F&G catch you pulling a salmon through the ice! I want to see that on North Woods Law. Also be sure to have on your noodle belt for added viewing pleasure.

It's OK that ticket you get MAY be tax deductible but only for this year - I would suggest prepayment just in case.

Now THAT would make all of America great again to see that! :emb:

Less, have a Happy New Year!!!