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IRS says 2018 property taxes may be deductible only if assessed and paid in 2017

The IRS averred Wednesday that people may be able to deduct their 2018 circumstances and local property taxes only if they were assessed and prepaid during 2017.

The management comes after President Donald Trump last week enlisted into law sweeping tax reform legislation that caps how much in holdings taxes people can deduct.

The key development from the IRS statement Wednesday is that being can only deduct prepaid property taxes that have already been assessed by particular governments. Prepayments of anticipated property taxes will not be deductible.

The tax law wishes allow taxpayers to claim a deduction of up to $10,000, reflecting a combination of splendour and local income and sales taxes, plus property taxes.

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