Winnipesaukee Forum - View Single Post - Property Tax Prepayment benefit possible for some NH residents

FlyingScot · 12-23-2017, 12:15 PM

Much as I hate to distract us with BrownstoneNorth's excellent original post--I just spoke with Tuftonboro's tax collector.

Tuftonboro is accepting prepayments. They ask that any prepayments come with a note requesting that the sum be applied to 2018, and they imply that the amount paid in 2017 would be an OK amount to send in.

Also with respect to BrownStoneNorth's OP, I am not so certain that the Wolfeboro collector was correct a few days ago. The local officials, like the rest of the country, do not understand the law fully yet. Their thinking may be evolving now.

As others have noted, the AMT may bite you, and it's always a good idea to check with a professional tax preparer first. But if you can't get your preparer's attention over the holidays, you might want to keep in mind that as long as you leave yourself paying at least $10,000 in property tax in 2018, you do not have anything to lose with respect to the AMT by prepaying.

All of this is new and untested, but there appears to very little downside to doing all that you can over the next week to make sure that your property tax payments in 2018 are no more than $10,000.

12-23-2017, 12:15 PM	#35
FlyingScot Senior Member Join Date: Jun 2016 Location: Tuftonboro and Sudbury, MA Posts: 2,416 Thanks: 1,320 Thanked 1,029 Times in 637 Posts	Much as I hate to distract us with BrownstoneNorth's excellent original post--I just spoke with Tuftonboro's tax collector. Tuftonboro is accepting prepayments. They ask that any prepayments come with a note requesting that the sum be applied to 2018, and they imply that the amount paid in 2017 would be an OK amount to send in. Also with respect to BrownStoneNorth's OP, I am not so certain that the Wolfeboro collector was correct a few days ago. The local officials, like the rest of the country, do not understand the law fully yet. Their thinking may be evolving now. As others have noted, the AMT may bite you, and it's always a good idea to check with a professional tax preparer first. But if you can't get your preparer's attention over the holidays, you might want to keep in mind that as long as you leave yourself paying at least $10,000 in property tax in 2018, you do not have anything to lose with respect to the AMT by prepaying. All of this is new and untested, but there appears to very little downside to doing all that you can over the next week to make sure that your property tax payments in 2018 are no more than $10,000.