The new tax bill goes into effect Jan. 1, 2018, and it pays to know what lies ahead.
The Current Law
The current federal tax law lets homeowners deduct taxes they paid to state and local governments, including property, income, and sales tax.
The New Tax Law
The new law limits those deductions to $10,000. But you might be able to claim an additional deduction on your 2017 taxes if you prepay the property taxes that would otherwise be due in 2018.
Talk to your tax advisor before it’s too late to find out if this is the right choice for you, and check out this list of prepayment info by county: