November 17, 2024 2:50 am
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As the rush is on, IRS clarifies requirements for prepaying property taxes

President Trump signs tax reform/cuts bill./CNN

 

By Sara Shayanian | UPI

The Internal Revenue Service clarified Wednesday that taxpayers can prepay their 2018 property taxes under certain conditions.

The IRS announced only taxpayers who have received a tax assessment from their local government and made payment by the end of the year are permitted to prepay their property taxes after President Donald Trump signed a new Republican tax bill onto law.

States and localities will be forced to interpret the guidance for residents and establish plans to reverse payments following the last-minute clarification.

Many residents in states with high property taxes are racing to prepay their 2018 property bill before Trump’s new tax rules go into effect.

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© 2024 Rose Law Group Reporter

Rose Law Group Reporter, which provides Dealmaker’s content and service, is contracted by Rose Law Group. Rose Law Group is a full service real estate and business Law Firm practicing in the areas of land use/entitlements, real estate transactions, real estate due diligence/project management, special districts, tax law, water law, business litigation, corporate formation, intellectual property, asset protection, data breach/privacy law, ADA compliance, estate planning, family law, cyber-law, online reputation and defamation, lobbying, energy and renewable energy, tax credits/financing, employment law, Native American law, equine law, DUIs, and medical marijuana, among others. The views expressed above are not necessarily those of Rose Law Group pc or its associates and are in no way legal advice. This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.