Cuomo's Executive Order and the Federal Deduction of Property Taxes in 2017

Governor Andrew M. Cuomo has signed an emergency Executive Order that will allow New Yorkers to prepay next year’s property taxes this year, before the new tax law takes effect.

Caution applies when attempting to take the added deduction on your 2017 Federal tax return (the 1040 Schedule A). Why? Because the new legislation has a provision in it that clearly states such a deduction for prepayment of property taxes will be disallowed. You can find it in Section D Simplification and Reform of Deductions and Exclusions, Item 2. of the Conference Agreement between the House and the Senate. It is on page 81 of the 560 page document.

Continue reading
Rate this blog entry:
458 Hits

Click for the BBB Business Review of this Taxes - Enrolled Agent in Melbourne FL

1000 characters left