There’s been a bunch of publicity about some states allowing property owners to pre-pay some or all of their 2018 property tax before the close of 2017 as a work-around of the new federal limit on “SALT” deductions. Anyone know if Vermont allows this? Guess one could phone the appropriate agency, but of course I thought of this after hours! Can find nothing on the Vt tax dept website or anywhere else online about this. Thanks, & HNY.
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I just saw something this
I just saw something this morning about this and from what I could gather, its a no-go.
IRS rules that prepaid taxes do qualify as a 2017 expense.
http://thehill.com/policy/finance/366623-irs-2018-property-taxes-deductible-if-assessed-and-paid-in-2017
Of course if you plan to take the standard deduction, deducting property taxes are not relevant for you.
Not for most towns in VT
Apparently it only works if your town has already assessed and billed you for 2018, which is highly unlikely. You can’t just put money down as credit toward future tax.