Learn the changes you need to know for 2018 and beyond.
On December 27, 2017, the IRS issued guidelines regarding the deductibility of 2018 tax prepayments.
Nothing has changed for 2017 and the tax bills paid in 2017 remain deductible on your Federal Income Tax.
However, the new guidelines from the IRS announce changes to the 2018 taxes deductibility. Property taxes that are held in escrow until the October tax bill is calculated are no longer deductible.
The Austin American Statesman article about this:
The IRS provides examples at:
If you have additional questions about your federal income taxes, we strongly recommend contacting your CPA.
For more information:
Texas Protax FAQ
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