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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: Brumar89 who wrote (1045140)

12/28/2017 11:06:07 AM

From: Brumar89

Read Replies (1) | Respond to of 1576654

IRS Says 2018 Property Taxes Are Deductible Only If Assessed And Paid In 2017

For itemizers.

The IRS said Wednesday that people can deduct their 2018 state and local property taxes only if they were assessed and prepaid during 2017.

The guidance comes after President Donald Trump last week signed into law sweeping tax reform legislation that caps how much in property taxes people can deduct.

The key development from the IRS statement Wednesday is that people can only deduct prepaid property taxes that have already been assessed by local governments. Prepayments of anticipated property taxes will not be deductible.

The tax law will allow taxpayers to claim a deduction of up to $10,000, reflecting a combination of state and local income and sales taxes, plus property taxes.

Surely $10K will be high enough for everyone.

https://hotair.com/headlines/archives/2017/12/irs-says-2018-property-taxes-deductible-assessed-paid-2017/

cnbc.com/2017/12/27/irs-says-2018-property-taxes-are-deductible-if-assessed-and-paid-in-2017.htm