Property Tax Race – CBS This Morning Interview

Property Tax Race – CBS This Morning Interview

12 Feb

Beginning in 2018, state and local taxes will be limited to $10,000 under the Tax Cuts and Jobs Act legislation. In December 2017, the Internal Revenue Service published a press release stating it would disallow the property tax deduction for taxpayers who prepay their 2018 property taxes in 2017, if the taxes have not been assessed by their local tax assessor’s office. There was a frenzy with homeowners waiting in long lines at the tax assessor’s office to prepay their property tax bill and benefit from the deduction.  CBS This Morning reached out to nationally recognized tax expert Andrew Poulos to discuss the new tax limitation and get clarification on the IRS press release.

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