Taxpayers rush to get possible cut on property tax

Louisville, Ky. (WHAS11) – Americans hoping to save some money on their next tax bill are trying to hurry up and hand over money to the IRS before the new year.

A new law limits deductions for state and local income taxes and property taxes, capping them at a combined $10,000.

Accountants say some taxpayers could pre-pay next year's property tax to get a larger deduction this year, but the IRS says paying those taxes ahead of time could work only under limited circumstances.

To qualify for the extra deduction this year, property tax not only needs to be paid in 2017, but they must also be assessed in 2017. That means anyone paying taxes on estimated assessments will probably be out of luck.

© 2018 WHAS-TV


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