I heard on the news yesterday that according to the new tax law the IRS will not allow pre paid RE taxes to be deducted on 2017 tax returns unless the property was actually assessed in 2017 for the 2018 taxes.
Is that right? My RE taxes run from June 31 - July 1, of each year. I have already received the bill for taxes due on Jan. 31, 2018 and April 31,2018. The property asessement is on the bill.
If I pay these two quarters before the end of 2017 will it be deductible on my 2017 return?
This is so confusing!
Thanks for the help.