With possible changes coming in 2018 to the property tax deduction, does it make sense to pay both installments of the property tax in 2017?

[DoninGA]

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

[jwscharpf]

I have enough itemized deductions  with or without the additional property tax payment.

[Opus 17 · Accepted solution]

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.)

[TaxGuyBill]

The Standard Deduction will almost double (but no deduction for exemptions), so the number of people that benefit from Itemizing will dramatically drop.

[SweetieJean]

Correct. And no deduction (House bill) for for Medical anymore.

[johnp793]

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.

[TaxGuyBill]

@johnp793   The bill/law prohibits advance payment for 2018 INCOME taxes, not Real Estate taxes.

[johnp793]

Thanks for the correction