Homeowners in high-tax states are scrambling to prepay their 2018 property taxes this year before President Donald Trump’s overhaul goes into effect.
Residents in New York, like others around the country, are rushing to file because the new tax code, signed into law last week, limits the amount of state and local taxes people can deduct on their federal returns, according to Donald Clavin, town receiver of taxes in Hempstead, New York. The change could cost some homeowners, especially those in high-tax states, thousands of dollars.
“Under the new federal tax code, many Long Islanders are going to lose out on valuable tax deductions,†Clavin wrote in a statement Tuesday. “In our office, we’ve helped a significant number of taxpayers during the holiday season who are seeking to get the ‘gift’ of a tax deduction before the opportunity runs out.â€
https://www.yahoo.com/gma/york-residents-rush-file-property-taxes-rules-effect-114803514--abc-news-topstories.html