Updated at 7:43 p.m. ET Part of the Republican tax overhaul that President Trump signed into law last week has homeowners around the country doing something unusual: rushing to pay their 2018 property taxes well before the due date. That's because the new law includes a $10,000 cap on the amount of state and local taxes people can deduct on their federal returns. Before, if someone paid $24,000 in property taxes — as some people in higher tax states like New York and California do — and then paid $20,000 in state and local income taxes they were allowed to deduct $44,000 on their federal tax return. Now that number is capped at $10,000. The change could cost some people thousands of dollars. In response to questions from taxpayers and preparers, the Internal Revenue Service issued new guidance Wednesday. The IRS says taxes can be prepaid and deducted from federal returns if local authorities levy the taxes in 2017 and they are paid by Dec. 31. "I'm sending my checks in today," said
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