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Should property owners pay real estate taxes for 2018 early?
“Minnesota, New York, Iowa, a lot of other states it is going to affect a lot because they're limited to $10,000. So, if their real estate taxes are six or seven, the state income taxes are 8 or 9, they're not going to get to write it all off,” Azzara sai
SIOUX FALLS, S.D- President Trump made a promise to have the GOP tax plan on his desk by Christmas and he delivered.The Tax Cuts and Jobs Act goes into effect January 1st, and many are scrambling to keep up with the changes.
Right now, the sales, income and real estate deduction is unlimited.But in a few days it will be capped at $10,000.Property owners across the country are paying their real estate tax for 2018 early to reap the benefits that will expire when the clock strikes midnight December 31st.“They've only got a few days to prepay their real estate taxes if they want toOnce it hits 2-18 that's it that's only a few days away,” accountant Charles Azzara said.
You might see more people in the Minnehaha County Administration building this week paying their property tax earlyThat's because changes in deductions are right around the corner.
“If your real estate taxes are over ten grand you're going to be limited to $10,000 on your write-offs,” Azzara said.
But how many homeowners fall into this category? Not many, according to the operating principle at Keller Williams Realty in Sioux Falls.
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