IRS says 2018 property taxes are deductible if assessed in addition to also paid in 2017

The IRS said Wednesday in which people may be able to deduct their 2018 state in addition to also local property taxes only if they were assessed in addition to also prepaid during 2017.

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

The key development through the IRS statement Wednesday is usually in which people can only deduct prepaid property taxes in which 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 in addition to also local income in addition to also sales taxes, plus property taxes.

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