January 2, 2018

2017 Property Taxes

The IRS announced that taxpayers can pre-pay 2018 state and local real property taxes in 2017 only under certain circumstances. The IRS said that “whether a taxpayer is allowed a deduction for the prepayment of state or local real property taxes in 2017 depends on whether the taxpayer makes the payment in 2017 and the real property taxes are assessed prior to 2018. A prepayment of anticipated real property taxes that haven’t been assessed prior to 2018 aren’t deductible in 2017.” Read the full IRS advisory here: http://bit.ly/2DoTUkG