If you prepaid your 2018 property taxes, you can’t deduct them on your 2017 NJ tax return
New Jerseyans who rushed to pay their 2018 property taxes before Dec. 31 won’t be able to deduct the expense from their 2017 state income taxes, the New Jersey Society of CPAs advised Thursday. While the IRS issued instructions last month that some 2018 prepayments are deductible from federal income taxes in 2017 if you’ve already… Read the rest of this entry »