Cuomo's Executive Order and the Federal Deduction of Property Taxes in 2017

Governor Andrew M. Cuomo has signed an emergency Executive Order that will allow New Yorkers to prepay next year’s property taxes this year, before the new tax law takes effect.

Caution applies when attempting to take the added deduction on your 2017 Federal tax return (the 1040 Schedule A). Why? Because the new legislation has a provision in it that clearly states such a deduction for prepayment of property taxes will be disallowed. You can find it in Section D Simplification and Reform of Deductions and Exclusions, Item 2. of the Conference Agreement between the House and the Senate. It is on page 81 of the 560 page document.

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Where are State and Local Taxes Deducted?


State and local income taxes are deductible as itemized expenses on your tax return in the year that they are paid. The tax may be paid either through withholding on a paycheck or through estimated tax payments made each quarter of the year or through an over payment from a prior year. Careful how you shift your payments, if you are planning with strategy for maximizing your deduction in a particular year, though.

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Start Planning for Next Year's Taxes

You can start planning now for filing your taxes next year. Being organized and planning ahead can save you time and money. Now is a good time to set up a system to keep your tax records safe and easy to find.

1. Store your 2015 tax return in a safe place. Keep a copy of the return and supporting records, including W-2, Forms 1099, bank records and health insurance coverage.

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