Lawrence Axelrod: Are Prepaid Property Taxes Properly Deductible

Lawrence Axelrod, of Ivins, Phillips & Barker,  has made available for download his recently published article,  “Are Prepaid Property Taxes Properly Deductible?” which was published in the Tax Practice section of Tax Notes.  The Abstract is as follows:

“In response to the flood of taxpayers paying their 2018 anticipated property taxes before the end of 2017 in hopes of avoiding the $10,000 limitation on the deductibility of state and local taxes that takes effect in 2018, the IRS issued an advisory. Dated December 27, 2017, the advisory concludes that ‘a payment of anticipated real property taxes that have not been assessed prior to 2018 are not deductible in 2017.’ That conclusion is debatable.”

See full article, “Are Prepaid Property Taxes Properly Deductible?” by clicking here.

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.x

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