Homeowners Scramble To Prepay Property Tax Before Tax Deduction
Homeowners across the country are scrambling to prepay their property taxes for next year in order to save money.
It comes after President Trump signed the new tax overhaul last week.
Right now you can deduct certain state and local taxes, like property taxes, on your federal tax return.
But on January 1, that deduction will be capped at $10,000.
A San Francisco area accountant says some homeowners will lose thousands of dollars once the new tax plan goes into effect.
The IRS says homeowners need to have an official tax assessment in order to prepay property taxes, which complicates things for those who have already prepaid based on an estimate.