Property Tax Prepayment benefit possible for some NH residents

[Seaplane Pilot]

Originally Posted by Major

We should have discussed the tax cut just like we discussed Obamacare. Oh yeah, I forgot, we didn't discuss Obamacare. It was rammed in by the Democrats. Unfortunately, neither party is too interested in discussing anything at this point.

Regarding trickle down, do you own a business? Big or small, businesses create jobs. And it's not just jobs, it's the parts manufacturers, local restaurants, coffee shops, clothing shops, etc. that support businesses. Yes, leaders of large companies and owners of small and medium companies make money. However, in a capitalistic economy, we should be less concerned about how much wealthy people make but more on how we can enable businesses to succeed. The corporate tax cut achieves this objective.

The libs don’t want private entities to succeed; rather, they want government to succeed so they are the ones with control. It doesn’t take a rocket scientist to understand that this tax cut will help everyone, either directly or indirectly. And for that matter, it won’t be a pig-in-a-poke as was that fraud Obamacare program.

[Cobalt 25]

"We should have discussed the tax cut just like we discussed Obamacare. Oh yeah, I forgot, we didn't discuss Obamacare. It was rammed in by the Democrats. Unfortunately, neither party is too interested in discussing anything at this point."



Didn't discuss Obamacare? Unless you believe Snopes to be "fake news", consider that they rated "no discussion prior to the passage of Obamacare"- False.

In fact, there were 79 meetings in which 161 amendments offered by Republicans were voted in. Number of public hearings for the Republican's new tax bill? Zero. Input from Democrats? Hah.

Amount of time legislators and the public had to review Obamacare? Months. Amount of time for the new Republican tax bill to be reviewed before voting? After trying to read hand-written crossouts on the bill- hours. Hours.

Trying to equate the events leading up to the passage of the billionaire's tax relief bill and Obamacare is clearly a false equivalency.

[Major]

Originally Posted by Cobalt 25

"We should have discussed the tax cut just like we discussed Obamacare. Oh yeah, I forgot, we didn't discuss Obamacare. It was rammed in by the Democrats. Unfortunately, neither party is too interested in discussing anything at this point."



Didn't discuss Obamacare? Unless you believe Snopes to be "fake news", consider that they rated "no discussion prior to the passage of Obamacare"- False.

In fact, there were 79 meetings in which 161 amendments offered by Republicans were voted in. Number of public hearings for the Republican's new tax bill? Zero. Input from Democrats? Hah.

Amount of time legislators and the public had to review Obamacare? Months. Amount of time for the new Republican tax bill to be reviewed before voting? After trying to read hand-written crossouts on the bill- hours. Hours.

Trying to equate the events leading up to the passage of the billionaire's tax relief bill and Obamacare is clearly a false equivalency.

Now this is fake news!


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[garysanfran]

"The rich don't pay any taxes because they have all these loopholes and deductions"...

I've heard this for decades. Now those "rich" people, who pay no taxes, are getting this big tax break?

Please endorse greater education.

[BroadHopper]

Seems like everyone is counting the chickens before they hatch! As a retired CPA/CMA with 50 years experience, I will chime in when the tax laws hit the books and the changes have hit the IRS website.

I have seen it many times rules and regulations change at the discretion of the IRS after the laws are written. So calm down everyone and let it play out!

Every state interpret their own laws in regard to federal rulings differently. And constituents generally contest the difference in the few years after passing. So let it iron out!

The experience I have/had is mind blowing!

[MAXUM]

Originally Posted by garysanfran

"The rich don't pay any taxes because they have all these loopholes and deductions"...

I've heard this for decades. Now those "rich" people, who pay no taxes, are getting this big tax break?

Please endorse greater education.

OK so to show the utter incompetence behind this argument...

1. The rich do not pay taxes because they are using all these loopholes and deductions.

2. Now these rich people who pay no taxes are getting a big tax break.


So I sit here and scratch my head and say hey wait a minute if you're not paying taxes in the first place how can you get a big tax break????

Who are you saying needs an education? Your idea of math doesn't add up

[fatlazyless]

Live free or die - New Hampshire!

Hooray for high property taxes ...... with this new federal, Make America Great Again, 10k max ..... you now have too much house(s) if you is paying more than 10k/yr in property tax!

Hooray for New Hampshire: no state capital gains tax, no state income tax, 5% dividend & interest tax (first $2400/yr exempt, $4800 for joint filers), and no miserable 5-cent soft drink, bottle deposits.

If people want to go waste their money playing Keno-603 ..... good for them.

Make America Great Again ..... over 10k prop tax on your humble abode(s)....you get no help from our very well groomed, , Uncle Donald.

[Outdoorsman]

Originally Posted by MAXUM

OK so to show the utter incompetence behind this argument...

1. The rich do not pay taxes because they are using all these loopholes and deductions.

2. Now these rich people who pay no taxes are getting a big tax break.


So I sit here and scratch my head and say hey wait a minute if you're not paying taxes in the first place how can you get a big tax break????

Who are you saying needs an education? Your idea of math doesn't add up

That was exactly his point; hence, the use of a question mark.

[FlyingScot]

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.

[Cobalt 25]

"Now this is fake news!"

Yeah, kinda like I thought. Rather than refute point by point information quoted that one disagrees with, simply label it as fake and move on.

[Major]

Originally Posted by Cobalt 25

"Now this is fake news!"



Yeah, kinda like I thought. Rather than refute point by point information quoted that one disagrees with, simply label it as fake and move on.

I am certain that I could find similar reciprocal numbers for the tax plan. When committees hold meetings, they count the numbers of democrats and republicans who participate, but with no real contribution buy the party not in power. That’s where you got your numbers. They are meaningless. The difference is that most Americans were against Obamacare whereas most Americans are for a tax break.


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[Major]

Originally Posted by Major

I am certain that I could find similar reciprocal numbers for the tax plan. When committees hold meetings, they count the numbers of democrats and republicans who participate, but with no real contribution buy the party not in power. That’s where you got your numbers. They are meaningless. The difference is that most Americans were against Obamacare whereas most Americans are for a tax break.


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Politico rated the 100 plus amendments a “half truth” and after reading the whole article I’d rate it mostly false.


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[Cobalt 25]

You say my numbers are meaningless with absolutely no explanation of why.
Here is a quote from Snopes (https://www.snopes.com/aca-versus-ahca/):

"In June and July 2009, with Democrats in charge, the Senate health committee spent nearly 60 hours over 13 days marking up the bill that became the Affordable Care Act. That September and October, the Senate Finance Committee worked on the legislation for eight days — its longest markup in two decades. It considered more than 130 amendments (from Republicans*) and held 79 roll-call votes. The full Senate debated the health care bill for 25 straight days before passing it on Dec. 24, 2009." *editor's note

Does the Snopes information lead you to believe the Democrat's input on the Republican tax bill had as much input from Republicans on Obamacare? Really? And then you tell us that Politico rates something "half truths" but you rate it "mostly false". OK, then, you know better than Politico.

Clearly, Democratic input for the tax bill was zero.

You say most Americans are for a tax break. That's true, but most Americans, as shown by the poll numbers below, want tax breaks to be fair for all Americans, not just the wealthy. And they would like programs like Social Security and healthcare to continue in the future, not just until the deficit gets to a point where something needs to be cut. We know what Paul Ryan would like to cut.

Here some interesting poll numbers concerning American's support for this tax bill: in a Quinnipiac University survey, just 25 percent of voters approved of the plan. Surveys from ABC News/Washington Post, CNN, Morning Consult and YouGov put approval of the plan slightly higher, but all are still at 36 percent or lower. Those numbers are a heckuva lot lower than current support for Obamacare.

[fatlazyless]

So, by paying to your local town clerk in calendar year-2017 a pre-payment for your estimated-2018 property tax that is in excess of $10,000, are you avoiding or evading the intention of this new tax law, the Tax Cuts and Jobs Act of 2017?

http://www.unionleader.com/politics/...repay-20171224 Union Leader, Dec 23: 'Tax law has some looking to prepay property tax'

Couldn't the IRS issue a ruling that pre-paying 2018-local property tax in 2017 is a design to evade paying your correct 2018-federal income tax ... that is due on April 15, 2019 .... knowing it would probably get challenged in court of law.

http://www.wikipedia.org/wiki/Tax_Cu...bs_Act_of_2017

[MAXUM]

Originally Posted by fatlazyless

So, by paying to your local town clerk in calendar year-2017 a pre-payment for your estimated-2018 property tax that is in excess of $10,000, are you avoiding or evading the intention of this new tax law, the Tax Cuts and Jobs Act of 2017?

http://www.unionleader.com/politics/...repay-20171224 Union Leader, Dec 23: 'Tax law has some looking to prepay property tax'

Couldn't the IRS issue a ruling that pre-paying 2018-local property tax in 2017 is a design to evade paying your correct 2018-federal income tax ... that is due on April 15, 2019 .... knowing it would probably get challenged in court of law.

http://www.wikipedia.org/wiki/Tax_Cu...bs_Act_of_2017

So are you really trying to suggest that anyone who makes a financial decision that may benefit them from a tax perspective is engaging in illegal behavior? REALLY?

This happens all the time and why people/businesses itemize their returns and hire CPAs to give them advice on how to manage their finances in such a way to benefit them from a tax perspective. Nothing wrong with that.

So sorry Wal-Mart doesn't offer this service for $2.99.

[fatlazyless]

Originally Posted by MAXUM;

So sorry Wal-Mart doesn't offer this service for $2.99.

Something you do learn at Walmart ...... to Make America Great Again ..... all the people need to step up to the plate ..... and pay their taxes!

To avoid paying taxes is totally legal,

To evade paying taxes is totally not legal.

So, is prepaying your local property tax a design to avoid, or a design to evade ..... a very big question ..... and one that is unresolved for now .....until it gets the attention of the Internal Revenue Service.

... the www.irs.gov ..... Making America Great Again!

[MAXUM]

Originally Posted by fatlazyless

Something you do learn at Walmart ...... to Make America Great Again ..... all the people need to step up to the plate ..... and pay their taxes!

To avoid paying taxes is totally legal,

To evade paying taxes is totally not legal.

So, is prepaying your local property tax a design to avoid, or a design to evade ..... a very big question ..... and one that is unresolved for now .....until it gets the attention of the Internal Revenue Service.

... the www.irs.gov ..... Making America Great Again!

The most common means of tax avoidance is accomplished by claiming all your permissible deductions and credits. This is not illegal.

Now if the new law explicitly said you cannot pre-pay your property tax I would agree that would be illegal and could be classified as evasion. However in the absence of that language pre-payment for the purposes of avoidance is perfectly fine in theory. Of course one should check with their tax preparer!

In an interesting turn of events....

New York State will allow residents to pre-pay 2018 property taxes in 2017, in order to take advantage of a bigger deduction before new federal tax laws go into effect, Gov. Andrew Cuomo announced Friday.
In a news conference, Cuomo told reporters he was trying to find ways to help cushion the blow of the tax law, which he said “disproportionately hurts New York State, more than any state in the nation.”

I am stunned that a elected official, in particular a democrat who has railed in the past over not paying one's "fair share" is now purposely maneuvering state law by executive order no less to create a tax loophole for people to take advantage of. How many people will starve or better yet DIE because of this?