I live in Ohio and prepaid property tax around $6000 for 2018 at the end of 2017, on top of 2017 property tax already paid in early 2017. In turbo tax, I added 2018's property tax in the deductable section, "additional property tax on your main home" field, since 2017 property tax seemed to be already counted. I itemized the deduction, so I expected an increase of my tax return, but total amount of Federal or Ohio tax return did not change. Why...? Isn't it counted as deduction...?
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No, with Alternative Minimum Tax (AMT) property tax is not deductible.
To learn more about AMT, take a look at Alternative Minimum Tax: Common Questions.
No, with Alternative Minimum Tax (AMT) property tax is not deductible.
To learn more about AMT, take a look at Alternative Minimum Tax: Common Questions.
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