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.

READ ON:

Share this!

Additional Articles

Rose Law Group pc values “outrageous client service.” We pride ourselves on hyper-responsiveness to our clients’ needs and an extraordinary record of success in achieving our clients’ goals. We know we get results and our list of outstanding clients speaks to the quality of our work.

News Categories