|Agree, changes are for the 2018 tax year. If I could add my two cents.....a lot of people are pre-paying their entire 2018 prop. tax bill in 2017 in jurisdictions where that is possible. It is my understanding that is OK under the terms of the new deal. Also my understanding that the new bill disallows the deduction for prepaying 2018 state taxes in 2017. My CPA said, however, you can pre-pay any Q4 installment for 2016 taxes (normally payable by Jan. 15) in December, that is allowed, you will get that deduction on '17 taxes.|
One other item to consider is that all this prepayment will have zero effect if you're subject to AMT.