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NEWS: 2018 Property Taxes Deductible If Paid This Week

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The IRS announced yesterday that homeowners can deduct their 2018 state and local property taxes on their 2017 returns if the taxes are assessed and paid this year. The announcement came after swarms of homeowners lined up at tax offices around the country attempting to prepay their 2018 taxes before the end of the year.

New tax legislation signed into law by President Trump last week established a new $10,000 cap on the amount of state and local taxes that can be deducted from income before determining federal tax liability. The $10,000 cap and most other tax changes in the new law take effect in 2018, so they do not apply to the tax returns that Americans will file this spring for 2017.

There are several factors to consider before jumping into prepaying your property taxes. Please reach out to us before making any decisions.

 

 

 

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