If you currently itemize and deduct your taxes, then paying your taxes ahead could protect you from the proposed changes. (Although I don't actually know what the proposal is at any given moment. They were going to allow $10,000 of property taxes, but maybe that is in danger too.)
Will you have enough itemized deductions reported on Schedule A in 2017, with or without the additional property tax payment, to provide a tax benefit? The total itemized deductions reported on Schedule A must be greater than standard deduction for your filing status -
Standard deductions for 2017
Single - $6,350 add $1,550 if age 65 or older
Married Filing Separately - $6,350 add $1,250 if age 65 or older
Married Filing Jointly - $12,700 add $1,250 for each spouse age 65 or older
Head of Household - $9,350 add $1,550 if age 65 or older
I have enough itemized deductions with or without the additional property tax payment.
If you currently itemize and deduct your taxes, then paying your taxes ahead could protect you from the proposed changes. (Although I don't actually know what the proposal is at any given moment. They were going to allow $10,000 of property taxes, but maybe that is in danger too.)
The Standard Deduction will almost double (but no deduction for exemptions), so the number of people that benefit from Itemizing will dramatically drop.
Correct. And no deduction (House bill) for for Medical anymore.
Medical deduction is back in, with a lowered floor for 2017 and 2018. Re- advance payment of property taxes- better get some advice on that, as the bill/ law may have explicitly prohibited that.
@johnp793 The bill/law prohibits advance payment for 2018 INCOME taxes, not Real Estate taxes.