IRS cautions taxpayers on prepaying property taxes

The Internal Revenue Service yesterday issued a warning to homeowners who are rushing to prepay their 2018 property taxes before the reform bill goes into effect.

"A prepayment of anticipated real property taxes that have not been assessed prior to 2018 are not deductible in 2017," the IRS notice said.

"State or local law determines whether and when a property tax is assessed, which is generally when the taxpayer becomes liable for the property tax imposed."

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