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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