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Tax experts: Prepaid property taxes may be deductible after all

Source: https://washingtonpost.com/local/md-politics/tax-experts-prepaid-property-taxes-may-be-deductible-after-all/2018/01/22/bcfcd1d0-fc72-11e7-8f66-2df0b94bb98a_story.html?utm_term=.8c569fae9da5 - Jan 23, 2018

In 2017’s final days, tens of thousands of Americans rushed to prepay their 2018 property taxes in a last-ditch attempt to claim a deduction that would be capped starting Jan. 1.

The effort was especially acute in the Washington area and other high-tax districts.

For many, those efforts appeared to be thwarted on the evening of Dec. 27, when the Internal Revenue Service announced taxpayers could claim the deduction only if those property taxes were assessed and paid in 2017.

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Category: General Business