The IRS is clearing up any confusion about whether taxpayers can deduct next year's property tax payments from this year's taxes. An IRS statement explains that in order for 2018 local and state property taxes to be deductible from this year's taxes, they have to be assessed and prepaid before the new year.
The IRS had to issue the guidance because the newly passed tax law caps the amount of local and state property taxes people can deduct.
Photo: AOL