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

fatlazyless · 12-28-2017, 07:33 PM

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!

12-28-2017, 07:33 PM	#105
fatlazyless Senior Member Join Date: Apr 2004 Posts: 8,740 Blog Entries: 1 Thanks: 300 Thanked 1,007 Times in 735 Posts	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! __________________ ... down and out, liv'n that Walmart side of the lake! Last edited by fatlazyless; 12-28-2017 at 08:35 PM.