[Fredslist] Prepay 2018 taxes??? Maybe, maybe not

[Susan Zinder]

Gotham -

To all my fellow NY and NJ Gothamites who were considering prepaying their state and local taxes to deal with the loss of the deduction, the Washington Post is reporting that you may not be able to accomplish what you want to.

According to the Post (see link to article below), the IRS is saying you will only be able to do so if you have a notice from your local taxing authority as to how much you will owe in taxes. According to the Post, you will only be able to get the deduction for 2018 taxes that you pay in 2017 "if the local tax authority has notified homeowners prior to 2018 of how much they owe in property taxes, known as a tax assessment"

They confirm that this is developing but heads up -

Susan

https://www.washingtonpost.com/news/business/wp/2017/12/27/irs-says-taxpayers-trying-to-use-deduction-that-will-be-scaled-back-can-prepay-2018-property-taxes-only-under-limited-circumstances/?hpid=hp_hp-top-table-main_irs-535pm%3Ahomepage%2Fstory&utm_term=.029271c4f767

Susan Zinder

(o) 646-380-6715
(c) 917-370-3369

sz at susanzinder.com
www.susanzinder.com<http://www.susanzinder.com>
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://gothamnetworking.com/pipermail/fredslist_gothamnetworking.com/attachments/20171227/d5afb4ff/attachment.html>