NJ AG Requests Confirmation That Prepaid Property Taxes Qualify for Deductions
New Jersey’s attorney general is asking the IRS to confirm that prepaid property taxes will be eligible for federal deductions.
Attorney General Gurbir Grewal said in a letter Monday to IRS Commissioner David Kautter that he wanted to clear up confusion over the prepayments. Grewal says it’s a matter of “fundamental fairness.”
New Jersey residents, who pay among the highest property taxes, rushed to prepay for 2018 at the end of last year. That’s because deductions of state and local taxes under the new federal tax law are capped at $10,000.
Former Gov. Chris Christie, a Republican, ordered towns last year to accept prepayments. But IRS guidance said property taxes had to be assessed in 2017 in order to qualify for deduction.
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