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I own several pieces of property and cannot get my CPA in the last few days. My property taxes alone are very expensive notwithstanding mortgage interest, etc. I know there is a $10,000 limit but is it for all properties or each property?
My largest bills are for rental property. I've read the pdf from Sweetana3. Does this mean treatment of the property taxes for rental property will stay the same? So it wouldn't be necessary to prepay 2018's property taxes to save money? Thank you.
I got a mass mailing from my CPA which basically said she would get info out to her clients as it got to her.
I imagine CPAs all over the country are being inundated with calls right now.
It may take some time to shake out efficiency in how to approach your taxes. But generally, if you own the rentals under your own name, you may be limited in the taxes you can deduct.
The new tax structure might require you to setup one or several businesses to manage deductions for the rental properties.
My largest bills are for rental property. I've read the pdf from Sweetana3. Does this mean treatment of the property taxes for rental property will stay the same? So it wouldn't be necessary to prepay 2018's property taxes to save money? Thank you.
I got a mass mailing from my CPA which basically said she would get info out to her clients as it got to her.
I imagine CPAs all over the country are being inundated with calls right now.
The $10k limit is for itemized deductions. The treatment of your rental properties won't change.
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