With the passing of the new tax reform act, it makes sense to prepay 2018 property taxes as well as state and local income taxes by 12/31/17. This would allow the tax deduction to be taken on the 2017 tax return, as compared to the chance of not benefiting from the deduction on the 2018 return. The tax bill puts a $10,000 cap on the amount of property taxes and state and local income taxes that can be deducted on the return.
