Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
johnat
New Member

In Florida, I can pay my 2017 prop. tax in Jan 2018 and then pay my 2018 tax in Dec 2018. Does the IRS permit deducting 2 years of tax payments in one year's tax return?

TurboTax did not answer the original question on this subject.  Some states, such as Florida permit payment of property taxes from November of the year due into March of the next year, so I can pay my 2017 taxes in January of 2018, then my 2018 taxes in Dec. of 2018, so both payments are made in one calendar year for a nice itemized deduction for 2018.  

I do this because with one year's property tax deduction, I fall short of the threshold of going to itemized deductions, so I take a standard deduction for 2017, and then group both payments for a nice itemized deduction for 2018, If the IRS permits it.  I believe the rule says " deduction within the year payment is made"

Thank you,

John T.

1 Best answer

Accepted Solutions
TaxGuyBill
Level 9

In Florida, I can pay my 2017 prop. tax in Jan 2018 and then pay my 2018 tax in Dec 2018. Does the IRS permit deducting 2 years of tax payments in one year's tax return?

Yes, that is allowed.

However, the proposed legislation in Congress right now is likely to change the tax laws.  Currently, the draft bill will dramatically increase the Standard Deduction (but eliminates the personal exemptions and a bunch of itemized deductions) for 2018.  So *IF* that were to pass, it seems like you still fall short of the threshold to itemize in 2018.

View solution in original post

2 Replies
TaxGuyBill
Level 9

In Florida, I can pay my 2017 prop. tax in Jan 2018 and then pay my 2018 tax in Dec 2018. Does the IRS permit deducting 2 years of tax payments in one year's tax return?

Yes, that is allowed.

However, the proposed legislation in Congress right now is likely to change the tax laws.  Currently, the draft bill will dramatically increase the Standard Deduction (but eliminates the personal exemptions and a bunch of itemized deductions) for 2018.  So *IF* that were to pass, it seems like you still fall short of the threshold to itemize in 2018.

VolvoGirl
Level 15

In Florida, I can pay my 2017 prop. tax in Jan 2018 and then pay my 2018 tax in Dec 2018. Does the IRS permit deducting 2 years of tax payments in one year's tax return?

Yes.  A lot of people do that for tax planning.  Lump them so every other year you have enough to Itemize and a bigger deduction.  I do that.
Dynamic AdsDynamic Ads
Privacy Settings
v