New Federal Tax Law Limits Property Tax Deductions

The new tax law passed by Congress may limit the ability of some homeowners to take advantage of  deducting property taxes.  The new tax law limits the amount of state, local and property taxes that homeowners can deduct at $10,000.  While many homeowners are rushing to pay next year's property taxes this year, they should first consult their tax advisor and check out this link to an advisory that the IRS put out this week.  IRS advisory on prepaid real property taxes