Article snippet: Confusion is reigning in cities and suburbs with high property taxes as homeowners weigh prepaying their 2018 property taxes in order to avoid a bigger bill once the Trump cuts take effect. Taxpayers worried that they’ll lose out because of a new $10,000 limit on state and local tax deductions, including property taxes, are scrambling to pay their 2018 property taxes in 2017 so that they can deduct the full amount before the tax changes go into effect. Elected officials in places such as New York and Washington, D.C., have been highlighting the prepayment option. In some communities, long lines have formed outside of government offices so that people can prepay. “There’s probably more people that think this is good for them than is actually the case,” said Ryan Ellis, a conservative tax-reform advocate who also is an enrolled agent certified by the IRS. While the new tax law bars taxpayers from prepaying their state and local income taxes, it was silent on the issue of prepaying property taxes. Wednesday’s IRS advisory states that prepaid property taxes are only deductible in some circumstances. The agency said that the taxes can only be deducted on 2017 tax returns if the property taxes are assessed and paid before the end of the year. As a result, taxpayers who haven’t actually been billed by their hometown or county may not be able to deduct 2018 property taxes next year. Several tax experts said that the guidance isn’t clear about what counts as an assessme... Link to the full article to read more