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.