Spam prevention
Rainmaker
63,044
Joseph Domino 480-390-6011
HomeSmart - Scottsdale, AZ
Real Estate Made Easy

As a former tax professional, I received the notice from the IRS earlier today. Kudos to the IRS for getting this notice out in time to save a lot of people trouble when they go to file their 2017 return in the next couple of months.

Whether you agree or not, the notice is consistent with the rules that have been in place for decades.

I suspect we are going to learn a lot about the new Tax Cuts and Jobs Act in the next few months. Some good, some not so good.

Dec 27, 2017 04:46 PM
Rainmaker
2,558,067
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker

Overeaction can cost you. If it is not billed it is not deductible. Then you have the issue of getting caught in an audit. Many will prepay, deduct and move on becuase they simply won't be caught. Are you a gambler?

Dec 28, 2017 05:34 AM
Rainmaker
2,586,310
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

I had been checking out the news and reading up on the rule. It appears the 2018 bill has to "assessed" whch some say it has to be billed. Meaning you can prepay but it may not count in the eyes of the IRS if your town.state did not bill it as 2018. I have past buyers calling asking too 

Dec 28, 2017 05:33 AM
Ambassador
3,299,649
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams fox cities - Stevens Point, WI
Forestland Experts! 715-204-9671

Plenty of confusion about this bill already, and the tea party will be spending much of the year convincing people that they are not losing money on this bill.

Dec 27, 2017 08:09 PM
Ambassador
3,520,342
Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude - Carlsbad

No I hadn't read it so thanks for sharing.

Dec 27, 2017 04:45 PM
Rainmaker
531,692
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

I have not Roy Kelley I will read now. thanks

Dec 28, 2017 09:31 AM
Ambassador
2,640,704
Paul S. Henderson, REALTOR®,CRS,
RE/MAX Professionals. - Tacoma, WA
Tacoma Washington Agent/Broker & Market Authority!

Yes I thought it was a very interesting article....

Dec 27, 2017 11:12 PM
Ambassador
3,851,325
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Thanks for sharing....

Dec 27, 2017 10:19 PM
Rainer
131,110
J.R. Schloemer, CRS
Kentucky Select Properties - Louisville, KY

I did get the news pushed through on my phone at dinner. I have not had a chance to read it. Thanks for sharing. 

Dec 27, 2017 08:29 PM
Rainmaker
3,506,256
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

IRS seems to make up their own rules.

Dec 27, 2017 07:46 PM
Ambassador
3,582,330
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

I have heard about this on the news channels and since we are not an income tax state or high property tax area, it doesn't affect us locally.

Dec 27, 2017 07:15 PM
Rainmaker
2,245,903
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Cause & effect. Count & counter. Rule & exception. The dust will settle

Dec 27, 2017 06:03 PM
Ambassador
1,322,012
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Gee, you have 39 hearings about Benghazi and zero hearings about the tax bill ramrodded through without any due diligence. No one should be surprised.

Dec 27, 2017 04:38 PM
Rainmaker
3,434,699
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

We had lots of information on the news about which states were allowing pre-paid taxes, but best to check with your CPA.  

Dec 30, 2017 07:12 AM
Rainer
323,628
Noel Mayer
FAIRMOUNT REALTORS - Montclair, NJ
YOU'RE RIGHT AT HOME WITH NOEL

I stopped by. Thank you for sharing.

Dec 29, 2017 01:47 AM
Rainmaker
3,907,881
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Thank you.

Dec 28, 2017 04:29 PM
Rainmaker
657,104
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

In many states/towns it's just not possible.

Dec 28, 2017 12:28 PM
Rainmaker
1,043,089
Ryan Huggins - Thousand Oaks, CA
www.HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

I always pay both installments in November.  Did that again this year before there was any talk about "hurry up and pay or it'll count against your 2018 10k limit."  Out here the November one is for July-Dec of the current year and the February one is for January-June of the following year.

Dec 28, 2017 09:02 AM
Rainmaker
4,163,698
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
"Franklin MA Homes"

I've paid my real estate taxes through Dec 31.... not prepaying...

Dec 28, 2017 08:51 AM
Rainmaker
2,560,651
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

I noticed a few friends on FB posting they were at the County building paying property taxes .... I had not read the article ... I will take a look now. 

Dec 28, 2017 08:44 AM
Rainmaker
1,319,512
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Roy Kelley The IRS will have the final word. Joseph Domino 480-390-6011 makes a good point.

Dec 28, 2017 06:48 AM
Rainmaker
2,300,391
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Yes, I heard it on the news today... wasn't planning on paying early in any event.

Dec 28, 2017 06:45 AM
Rainmaker
3,633,361
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

No, and I have heard that. A

Dec 28, 2017 06:35 AM
Rainmaker
4,143,667
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

I will take a look.

Dec 28, 2017 06:22 AM
Rainmaker
2,818,610
Tony and Suzanne Marriott, Associate Brokers
BVO Luxury Group @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

I have not

Dec 28, 2017 05:01 AM
Rainmaker
322,531
Greg Cremia
Shore Realty of the Outer Banks - Nags Head, NC

According to my cpa friend, the application of tax laws by the irs usually is determined by the briefs released from the committee hearings. Since their were no hearings to confirm the intent behind any of the bills provisions it will be up to the irs to interpret the intentions of the lawmakers. This is going to be a bumpy ride.

Dec 28, 2017 04:21 AM
Rainmaker
1,307,229
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Los Angeles CA

No, I did not see the article. I'll probably talk to my cpa about it. Thanks for the link.

Dec 27, 2017 09:52 PM
Rainmaker
842,119
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

And what does John Koskinen have to say about ths? I'm waiting.

Dec 28, 2017 05:19 AM