Tax Preparer
Tax Preparer
Posted on Dec 27, 2017
irs-cautions-u-s-taxpayers-on-prepaying-property-taxes-idUSKBN1EL1T1
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IRS cautions U.S. taxpayers on prepaying property taxes
[ FROM THE ARTICLE — "A prepayment of anticipated real property taxes that have not been assessed prior to 2018 are not deductible in 2017," the IRS notice said.
"State or local law determines whether and when a property tax is assessed, which is generally when the taxpayer becomes liable for the property tax imposed," it said. ]
[ FROM THE ARTICLE — "A prepayment of anticipated real property taxes that have not been assessed prior to 2018 are not deductible in 2017," the IRS notice said.
"State or local law determines whether and when a property tax is assessed, which is generally when the taxpayer becomes liable for the property tax imposed," it said. ]
irs-cautions-u-s-taxpayers-on-prepaying-property-taxes-idUSKBN1EL1T1
Posted from reuters.com
IRS
Taxes
Tax Preparer
Posted >1 y ago
Responses: 2
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In other words, they're saying, "We'll tell you when to bend over and forget the KY!".
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Bottom line. If you haven’t already been biled for your taxes you likely can’t prepay for this year. Also, if your tax bill is OVER $10,000 next year only the first $10K will be deductible.
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Sgt Wayne Wood
I do some part-time IT work for a small accounting firm... phone has been ringing off-the-hook with clients asking question about 2018 Taxes...
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