There are a million factors in the new tax Plan: So, if you don't have a tax accountant or a tax lawyer God Help you

For example, if you want for ONE LAST TIME to be able to write off your property taxes do it before January 1s 2018!

For example:

Let's say your property taxes are 20,000 dollars a year. IF you prepay them before January 1st you just saved yourself at least 10,000 dollars in taxes to the federal and state Governments. Why because you can ONLY deduct $10,000 dollars in state and local taxes now under the new tax bill.

So, if you own property this is important to think about if you can afford to prepay all your property taxes for 2018 right now. Because it will be the last time you can do this. Unless Democrats repeal this bill in 2018 after they take back the Senate and possibly the House too.

So, if you vote the Democrats back in they will repeal this whole thing when they are installed in the Congress Maybe January 2019.

But, in the meantime you are going to have to think about all this.

They other thing is to defer income in whatever ways you can manage too. IF it isn't shown as income you aren't going to be paying huge taxes on it in the next couple of years as well. For example, if you invested in Stocks it is an investment and not income, only the dividends from the stocks then would be considered income until you sell your stocks. And many people keep their investments in stocks for 50 years or more.

A relative of mine invested $50,000 into General Electric in the 1950s. By 2000 it was worth 3 million dollars.

So, this is one way to defer income except for the dividends it earns each year.

However, here's the rub!

property tax for commercial property owners is a business right off!

So, this is going to make people (even if they own their own homes now) to rent them out instead of living in them themselves. Why?

Because if you rent out your home it then becomes a commercial property and in that form your property taxes become a business write off. So, this is why many many people will do this.

However, I don't think you can still live in a home you own and do this even if you rent out rooms in your home. However, I could be wrong. Ask your tax accountant or Tax Lawyer about this.

Otherwise, everyone is going to be renting one of the rooms in their homes to college students across the U.S. So this if it is true could be a boon to college students if this is how the law reads or allows. IF it is ambiguous in the law this is likely going to go into court to settle it so be careful.

My wife says "What percentage of your house can you deduct if you have a home office?"
And "If you rent out a room paid by a check for example you might be able to deduct your property tax as a business. However, there are also deductions for residential that you can get that you cannot get for Commercial property.

All these questions you need to ask your tax accountant or tax lawyer to save yourselves the most in taxes nationwide.