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Year-end guidance on payments of Property taxes

On December 22 NYS Governor Andrew Cuomo issued an executive order to allow property owners to pre-pay all or part of their 2018 real estate taxes.  The official explanation can be found on the NYS website. 

https://www.governor.ny.gov/news/governor-cuomo-takes-emergency-executive-action-deliver-property-tax-deductibility-new-yorkers

 

On December 27 the Internal Revenue Service issued an announcement that may impact this strategy.   The announcement can be found on the IRS website.

https://www.irs.gov/newsroom/irs-advisory-prepaid-real-property-taxes-may-be-deductible-in-2017-if-assessed-and-paid-in-2017

 

We will continue to monitor this situation as it impacts many of our clients

 

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