345701
The new Federal tax law restricts state and local taxes to $10,000 per year. I live in a high tax state. I also pay the AMT. It appears the AMT prevents any substantial tax advantage of doing this. How can I pay future RE taxes and get the state and local tax deduction in fiscal year 2017?
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Then you cannot prepay the 2018 property taxes in 2017 and deduct that payment on your 2017 tax return.
See this IRS website for guidance - https://www.irs.gov/newsroom/irs-advisory-prepaid-real-property-taxes-may-be-deductible-in-2017-if-a...
Then you cannot prepay the 2018 property taxes in 2017 and deduct that payment on your 2017 tax return.
See this IRS website for guidance - https://www.irs.gov/newsroom/irs-advisory-prepaid-real-property-taxes-may-be-deductible-in-2017-if-a...
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