The Many Unknowns In The Tax Bill’s CRE Provisions
WASHINGTON, DC–As 2017 wound to a close residential home owners went into a scramble. With the Tax Cut and Jobs Act limiting the value of the property tax deduction next year, many were rushing to pay their property tax early and claim the deduction on their 2017 returns. In response IRS released a notice warning taxpayers this maneuver would only be allowed if they had their assessment for 2018.
“What was good advice one day suddenly was not actionable the next day based on a new interpretation by the IRS,” John Chang, first VP of research services for Marcus & Millichap, tells GlobeSt.com.