Only a few days left to pre-pay property taxes

There are some who are pre-paying property taxes for 2018 so that they can take advantage of the tax deduction. In 2018 there will be a cap of 10,000 on the state and local tax deductions.

In 2017 there is no limit on deductions for state and local taxes. Both Hennepin and Ramsey county allow pre-payment, check your county website for instructions on how to pre-pay.

Taxes have to be pre-paid by December 29th, it isn’t enough just to have them postmarked before the end of the year.

It might also be possible to make extra house payments or more importantly interest payments on the mortgage before the end of the year.

Ask your tax professional for advice and then call your mortgage company if taxes are being escrowed.

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