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Did anyone on the board do it?

Roskam wins fight on behalf of Sixth District residents, Illinoisans allowed to deduct prepaid property taxes
Mar 28, 2018 Press Release
Washington, D.C. – In a victory for families across Illinois, The U.S. Department of the Treasury has agreed that an advisory issued by the IRS does not address Illinois and, therefore, taxpayers in Illinois are not bound by the IRS guidance and are able to deduct their prepaid property taxes. Representative Peter Roskam (IL-06) released this statement following the news:

“Hardworking taxpayers in our state are entitled to the same benefits as those from every other state. This announcement is a win for the thousands of Sixth District residents who stood in line to prepay their property taxes last year. As we move forward with an updated new tax code, families in every income bracket will see a tax cut and Illinois residents will see real tax relief.”

###

Background:

On December 27, 2017, the IRS issued an advisory regarding pre-payment of 2018 state and local real property taxes in 2017.
The advisory provides information and examples relating to whether a taxpayer who makes a pre-payment in 2017 of real property taxes for 2018 or later would be eligible to deduct the payment on his or her 2017 federal tax return.
Illinois is unique in that property tax payments made each year are actually paying for the previous year.
As a result, prepaid property taxes made at the end of 2017 were actually prepaying 2017 property taxes, not 2018.
The United States Treasury agreed that the advisory does not address Illinois.
Taxpayers in Illinois are not bound by the IRS guidance and they are able to deduct their prepaid property taxes

I'm surprised this didnt get more play in the local news....

http://www.dailyherald.com/news/2018032 ... your-taxes

https://roskam.house.gov/media-center/p ... ns-allowed

Quote:

Author:	Drake LaRrieta [ Sun Dec 31, 2017 7:24 pm ]
Post subject:	Pre-Paying Property Taxes
Did anyone on the board do it?

Author:	Furious Styles [ Sun Dec 31, 2017 7:28 pm ]
Post subject:	Re: Pre-Paying Property Taxes
Up yours.

Author:	Scooter [ Sun Dec 31, 2017 7:38 pm ]
Post subject:	Re: Pre-Paying Property Taxes

Author:	Regular Reader [ Sun Dec 31, 2017 7:49 pm ]
Post subject:	Re: Pre-Paying Property Taxes
Scooter wrote: :lol: +

Author:	Darkside [ Sun Dec 31, 2017 7:49 pm ]
Post subject:	Re: Pre-Paying Property Taxes
Wow.

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Pre-Paying Property Taxes https://mail.chicagofanatics.com/viewtopic.php?f=47&t=110151	Page 1 of 1

Author:	Don Tiny [ Sun Dec 31, 2017 8:13 pm ]
Post subject:	Re: Pre-Paying Property Taxes
Furious Styles wrote: Up yours.

Author:	Brick [ Sun Dec 31, 2017 8:15 pm ]
Post subject:	Re: Pre-Paying Property Taxes
Tax evaders!

Author:	DAC [ Sun Dec 31, 2017 8:26 pm ]
Post subject:	Re: Pre-Paying Property Taxes
Drake LaRrieta wrote: Did anyone on the board do it? Yeap

Author:	Ogie Oglethorpe [ Sun Dec 31, 2017 8:27 pm ]
Post subject:	Re: Pre-Paying Property Taxes
tsssk if your state and local taxes exceed $10,000. then perhaps it's time to move to a different state. However, I do applaud any and all usage of loopholes to reduce your annual theft payment, but this one will only work for one year sadly.

Author:	Seacrest [ Sun Dec 31, 2017 8:34 pm ]
Post subject:	Re: Pre-Paying Property Taxes
Drake LaRrieta wrote: Did anyone on the board do it? YES

Author:	Dr. Kenneth Noisewater [ Sun Dec 31, 2017 8:38 pm ]
Post subject:	Re: Pre-Paying Property Taxes
I paid mine and my neighbor’s.

Author:	K Effective [ Mon Jan 01, 2018 12:54 am ]
Post subject:	Re: Pre-Paying Property Taxes
yes, have as long as we have owned a home

Author:	billypootons [ Fri Apr 06, 2018 4:02 pm ]
Post subject:	Re: Pre-Paying Property Taxes
I'm surprised this didnt get more play in the local news.... http://www.dailyherald.com/news/2018032 ... your-taxes https://roskam.house.gov/media-center/p ... ns-allowed Quote: Roskam wins fight on behalf of Sixth District residents, Illinoisans allowed to deduct prepaid property taxes Mar 28, 2018 Press Release Washington, D.C. – In a victory for families across Illinois, The U.S. Department of the Treasury has agreed that an advisory issued by the IRS does not address Illinois and, therefore, taxpayers in Illinois are not bound by the IRS guidance and are able to deduct their prepaid property taxes. Representative Peter Roskam (IL-06) released this statement following the news: “Hardworking taxpayers in our state are entitled to the same benefits as those from every other state. This announcement is a win for the thousands of Sixth District residents who stood in line to prepay their property taxes last year. As we move forward with an updated new tax code, families in every income bracket will see a tax cut and Illinois residents will see real tax relief.” ### Background: On December 27, 2017, the IRS issued an advisory regarding pre-payment of 2018 state and local real property taxes in 2017. The advisory provides information and examples relating to whether a taxpayer who makes a pre-payment in 2017 of real property taxes for 2018 or later would be eligible to deduct the payment on his or her 2017 federal tax return. Illinois is unique in that property tax payments made each year are actually paying for the previous year. As a result, prepaid property taxes made at the end of 2017 were actually prepaying 2017 property taxes, not 2018. The United States Treasury agreed that the advisory does not address Illinois. Taxpayers in Illinois are not bound by the IRS guidance and they are able to deduct their prepaid property taxes

Author:	a retard [ Sat Apr 07, 2018 6:12 am ]
Post subject:	Re: Pre-Paying Property Taxes
billypootons wrote: I'm surprised this didnt get more play in the local news.... http://www.dailyherald.com/news/2018032 ... your-taxes https://roskam.house.gov/media-center/p ... ns-allowed Quote: Roskam wins fight on behalf of Sixth District residents, Illinoisans allowed to deduct prepaid property taxes Mar 28, 2018 Press Release Washington, D.C. – In a victory for families across Illinois, The U.S. Department of the Treasury has agreed that an advisory issued by the IRS does not address Illinois and, therefore, taxpayers in Illinois are not bound by the IRS guidance and are able to deduct their prepaid property taxes. Representative Peter Roskam (IL-06) released this statement following the news: “Hardworking taxpayers in our state are entitled to the same benefits as those from every other state. This announcement is a win for the thousands of Sixth District residents who stood in line to prepay their property taxes last year. As we move forward with an updated new tax code, families in every income bracket will see a tax cut and Illinois residents will see real tax relief.” ### Background: On December 27, 2017, the IRS issued an advisory regarding pre-payment of 2018 state and local real property taxes in 2017. The advisory provides information and examples relating to whether a taxpayer who makes a pre-payment in 2017 of real property taxes for 2018 or later would be eligible to deduct the payment on his or her 2017 federal tax return. Illinois is unique in that property tax payments made each year are actually paying for the previous year. As a result, prepaid property taxes made at the end of 2017 were actually prepaying 2017 property taxes, not 2018. The United States Treasury agreed that the advisory does not address Illinois. Taxpayers in Illinois are not bound by the IRS guidance and they are able to deduct their prepaid property taxes well, that's a good thing. I prepaid and already filed. Would not have wanted to do an amended return.

Author:	hnd [ Mon Apr 09, 2018 8:44 am ]
Post subject:	Re: Pre-Paying Property Taxes
we just moved into a home that was divided from 160 acres of farmland. we got the house and 2 acres. the fun rub there is that we won't be billed property taxes properly until 2020. So now i have to negotiate next may with the sellers on their share of the tax bill. my wife about fell out of her chair when she saw our monthly payment. i'm just like 2020? are you serious? it takes that long?

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