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IRS Rules Prepaid Property Taxes May Still Be Deductible on 2017 Returns

Posted @ Wednesday, April 11, 2018    By Aindriu Colgan
Posted in [ Blog, Tax, Economic and Community Development, Regulatory ] | 0 Comments

The IRS ruled that taxpayers who prepaid their 2018 property taxes may still be able to deduct the entire amount from their 2017 federal taxes without regard to the $10,000 limit imposed by the Tax Cut and Jobs Act. To be eligible, the following must be true:

  • Taxpayers must have made the payments by December 31, 2017.
  • The property taxes must have been assessed prior to 2018 (i.e. anticipated taxes that have not yet been assessed are not be deductible.)

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