I prepaid 1/2 of my 2018 property taxes. Deducting the full prepayment triggers the AMT. But if I deduct only some of the prepayment, the AMT goes away and I no longer owe AMT. It works out best if I only deduct a certain amount of the prepayment. Is OK to do this?
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Yes, you have a choice to report pre-paid property taxes that were assessed and paid in 2017. However, the amount that you do not report on your 2017 Federal tax return will not be deductible next year.
Yes, you have a choice to report pre-paid property taxes that were assessed and paid in 2017. However, the amount that you do not report on your 2017 Federal tax return will not be deductible next year.
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