Can I take an early itemized deduction of my property tax due by March 2018 on my 2017 taxes? This is the first installment of my property tax.
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New Member

Can I take an early itemized deduction of my property tax due by March 2018 on my 2017 taxes? This is the first installment of my property tax.

Is there anything in the new tax bill that prevents this additional deduction?
4 Replies
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Level 15

Can I take an early itemized deduction of my property tax due by March 2018 on my 2017 taxes? This is the first installment of my property tax.

The tax bill does not affect tax year 2017 itemized deductions for property taxes.  If you pay the taxes owed in 2018 in the 2017 calendar year then you can deduct those taxes on Form 1040 Schedule A as an itemized deduction.

To enter, edit or delete Property Taxes -

  • Click on Federal Taxes
  • Click on Deductions and Credits
  • Click on I'll choose what I work on (if shown)
  • Under Your Home

If paid through your lender

  • On Mortgage Interest, Refinancing, and Insurance, click on the start or update button

If paid directly

  • On Property Taxes, click on the start or update button

Or enter property tax in the Search/Find box located in the upper right of the program screen.  Click on Jump to property tax

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New Member

Can I take an early itemized deduction of my property tax due by March 2018 on my 2017 taxes? This is the first installment of my property tax.

Please check out this website:  <a rel="nofollow" target="_blank" href="https://www.reuters.com/article/us-usa-tax-prepay/u-s-taxpayers-rush-to-claim-deductions-under-threa...> with emphasis on the following from this article.

"Last week, according to media reports, state officials in New York received calls from residents asking to pay their 2018 state, local and property taxes before Jan. 1 in an effort to claim the higher amount of deductions before the Republican tax bill takes effect.

In response, the U.S. Treasury Department issued guidance over the weekend saying that any pre-payments for 2018 tax liabilities would not be deductible on federal tax bills."

What you stated was previous to the NEW tax bill.  Is this a problem?
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Level 15

Can I take an early itemized deduction of my property tax due by March 2018 on my 2017 taxes? This is the first installment of my property tax.

I see absolutely nothing on the US Treasury website in reference to guidance concerning pre-payments of property taxes in 2017.  Note that the reference is for "federal tax bills" Not federal tax returns.
I did find many websites saying that pre-payment is being used by taxpayers in 2017.  These three are just an example (all recent):
<a rel="nofollow" target="_blank" href="http://www.businessinsider.com/prepay-property-taxes-before-trump-tax-plan-passes-2017-12">http://ww...>
<a rel="nofollow" target="_blank" href="https://www.nytimes.com/2017/12/18/business/how-prepaying-state-and-local-taxes-could-save-you-money...>
<a rel="nofollow" target="_blank" href="http://www.dailyherald.com/news/20171218/with-deduction-changes-should-you-pay-next-property-taxes-n...>
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New Member

Can I take an early itemized deduction of my property tax due by March 2018 on my 2017 taxes? This is the first installment of my property tax.

Now you are talking -- love your reply from three different sources.  I was pretty confident that I could do it however I was looking for support.  Thanks
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