If you have not paid Alternative Minimum Tax (“AMT”) in the past, you may want to consider making payments for your property taxes and state income tax before year end. This will enable to you to claim these payments as deductions on your 2017 personal income tax return. If you have any questions or would like to discuss this further, please contact us.
UPDATE – Thursday, December 28, 2017: The IRS announced late Wednesday, December 27, 2017 that the prepayment of property taxes may only be deductible under certain circumstances. Please see this IRS announcement for more details and contact us if you have any questions.
Categories: Individual Tax