Should I prepay my property tax bill due April 2018 because of Republican Tax bill that caps SALT for 2018? How will AMT affect me if I do?

[taylorkennetha1]

We have high mortgage deductions and high State and Local income tax deductions on about 270K income.

[macuser_22]

Hasn't passed yet but if it does, it limits property tax deduction to $10,000.  You must decide if you want to pay 2018 property tax now is that if prepayments are allowed by your property tax taxing authority.

[mesquitebean]

I believe for 2018 it's no more than $10,000 of a combination of property taxes and either state and local income taxes or sales taxes, at least according to some articles.   

As for the SALT taxes, I just read that it appears one cannot prepay 2018 state and local income taxes and deduct in 2017.   That it is specifically blocked.  See this article put out yesterday by CNBC:
<a rel="nofollow" target="_blank" href="https://www.cnbc.com/2017/12/18/prepaying-2018-state-income-taxes-is-blocked-in-gop-bill.html">https...>
It doesn't mention any such block on prepaying property taxes, however; just the SALT.

Ultimately, we're gonna just have to be patient a little longer to see what the final bill has, if passed.

[mesquitebean]

@taylorkennetha1
I clarified the comment above to reflect that that CNBC article only mentions a block on prepaying the SALT taxes, and does not mention any block on property taxes.    If you were emailed the original comment it just said "taxes", and should have specificied it was the SALT taxes.

[mesquitebean]

@taylorkennetha1
And this article confirms that 2018 property taxes could be prepaid in 2017 if the bill passes.
<a rel="nofollow" target="_blank" href="https://www.bloomberg.com/news/articles/2017-12-18/six-ways-to-make-the-new-tax-bill-work-for-you">h...>

I'm not a tax person, so someone else will have to comment on how that affects your particular situation and your question about AMT.

[Zbucklyo]

If the tax bill in its present form passes, and you are subject to AMT in 2017, there is no advantage to prepaying your 2018 property tax bill, as SALT deductions are disallowed for the purposes of the AMT.