For households rushing to prepay property taxes before a new cap on deductions takes effect, the IRS released some good news Wednesday: In many cases, it will allow such a maneuver. By allowing some prepayment of property tax, itemizing households could save money on their 2017 federal income taxes. When can I prepay my property tax and not be subject to the $10,000 cap? For example, property tax bills generally go out in the fall and cover a fiscal year, July 1, 2017, to June 30, 2018. If your mortgage servicer pays your property taxes for you from an escrow account, it might not be possible to pay earlier.

Source: Los Angeles Times December 28, 2017 00:01 UTC