Chip Somodevilla/Getty Images
It’s Dec. 28, just a few days before the new federal tax changes take effect that will limit how much in property taxes many of you will be able to deduct going forward. So you want to pay some of the property taxes due in 2018 now to maximize those deductions one last time.
But what to do if your bank, not you, pays the tax bill?
Go ahead and pay it yourself anyway — and keep the receipt. That’s the advice of three of the nation’s biggest mortgage servicers, who’ve been hearing from customers coast to coast who are eager to maximize those last tax benefits but unsure about the machinations when the bank escrows and pays their property taxes for them.
Spokespeople for JP Morgan Chase, Bank of America, and Wells Fargo Thursday said they will prepay escrowed property taxes for mortgage customers who request it. But it might be too late to put that in gear, with the year quickly drawing to a close. So the banks are encouraging customers who still want to prepay to do it themselves and then notify their lenders.
Chase said it will reimburse the cost, if provided a receipt. Bank of America said to notify its mortgage officers so the bank doesn’t make a duplicate payment. Wells Fargo said that after it receives the next round of bills from municipalities, it will scan for early payments from customers and refund the surplus from escrow accounts.
Of course, everyone’s situation is unique, and anyone considering prepayment should probably consult with a tax planner. But the message from the big banks at this point is: Get to Town Hall. Then call.
What did PTC get right? This, after all, is a company that looked to be on the verge of extinction — or at least irrelevance — in 2003.Continue reading »
A giant Art Deco structure in Boston’s Raymond L. Flynn Marine Park has sat empty for years. But a Watertown construction company will bring it back to life.Continue reading »
New research suggests prejudices may form at a much earlier age, but it also offers hope that biases can be unlearned.Continue reading »
Fidelity Investments is also rolling out new offerings that combine active and passive strategies.Continue reading »
How do I address a letter to a husband and wife when the wife is a PhD and the husband is just Mr.? Would it be Mr. & Dr. or Dr. & Mr.?Continue reading »
There is no reason to ask for that information early in the application process, but there are no laws preventing employers from asking for them.Continue reading »
FitSocket, developed at MIT, can precisely measure a patient to create next-generation custom prosthetic sockets.Continue reading »
The case has important implications for restaurants and the nation’s intensifying battle over food allergies.Continue reading »
The little-known company, a comparison shopping site for auto insurance, looks almost nothing like a hot consumer technology firm.Continue reading »