THIS IS NOT TAX ADVICE!!! But I would suggest you pay attention to "joey2665" posts concerning the AMT. Even though the AMT allowances changed under the 2018 Tax Plan, prepayment of taxes would effect 2017 returns and not see the increase in AMT allowances for 2018. If you paid AMT using IRS Form 6251 in 2016 (go back and look at your 2016 tax return details), it is possible you will also be subject to AMT in 2017. I have been told that AMT adds back all property tax deductions to your adjusted taxable income and would probably negate any attempt to prepay property taxes, since it could result in a higher AMT. I had the same idea to prepay after reading many articles on the subject, but after discussions with my tax advisor, there were so many unknowns that I decided to just pay as I go. If you do not fall into the AMT category, then prepaying may be a Federal tax benefit if your property and state income tax liability in 2018 could exceed the $10,000 ceiling allowance. My above comments are NOT TAX ADVICE as I am not a tax professional. You should check with your tax advisor as to your own specific tax situation for 2017 before making any decisions, as circumstances are unique to each taxpayer. There is still time............ Good luck !
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