IRS to review ruling limiting your early property tax deductions

Acting Internal Revenue Service Commissioner David Kautter will review the agency’s ruling limiting how much New Jersey homeowners could deduct from their prepaid 2018 property taxes, two lawmakers said.

Reps. Leonard Lance, R-7th Dist, and Josh Gottheimer, D-5th Dist., met with Kautter Thursday to press their case that all 2018 property taxes paid in 2017 should be deductible.

The IRS had ruled that only those taxes paid in response to an assessment — which would cover just the first half of 2018 — were deductible in 2017.

“These payments were made in good faith and some payments were made before the IRS issued its unfair ruling,” Lance said.

2018-02-20T13:57:29+00:00