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Why you shouldn't rush to pay your property taxes

Just like any other time it is nice to think you have found a loop-hole when it comes to saving on your taxes. ZipTax has received calls about people rushing to prepay their property taxes for 2018 since that deduction will be eliminated for 2018. Along with the IRS, we also caution people trying to work the system in this case. Just like many other tax deducible items it may not be just about when you make the payment as much as was the charge actually assessed to you. We have provided the link to the IRS notice involving this complicated tax strategy below. 

https://www.irs.gov/newsroom/irs-advisory-prepaid-real-property-taxes-may-be-deductible-in-2017-if-assessed-and-paid-in-2017

 

Heather Bockrath