I'm surprised this didnt get more play in the local news....
http://www.dailyherald.com/news/2018032 ... your-taxeshttps://roskam.house.gov/media-center/p ... ns-allowedQuote:
Roskam wins fight on behalf of Sixth District residents, Illinoisans allowed to deduct prepaid property taxes
Mar 28, 2018 Press Release
Washington, D.C. – In a victory for families across Illinois, The U.S. Department of the Treasury has agreed that an advisory issued by the IRS does not address Illinois and, therefore, taxpayers in Illinois are not bound by the IRS guidance and are able to deduct their prepaid property taxes. Representative Peter Roskam (IL-06) released this statement following the news:
“Hardworking taxpayers in our state are entitled to the same benefits as those from every other state. This announcement is a win for the thousands of Sixth District residents who stood in line to prepay their property taxes last year. As we move forward with an updated new tax code, families in every income bracket will see a tax cut and Illinois residents will see real tax relief.”
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Background:
On December 27, 2017, the IRS issued an advisory regarding pre-payment of 2018 state and local real property taxes in 2017.
The advisory provides information and examples relating to whether a taxpayer who makes a pre-payment in 2017 of real property taxes for 2018 or later would be eligible to deduct the payment on his or her 2017 federal tax return.
Illinois is unique in that property tax payments made each year are actually paying for the previous year.
As a result, prepaid property taxes made at the end of 2017 were actually prepaying 2017 property taxes, not 2018.
The United States Treasury agreed that the advisory does not address Illinois.
Taxpayers in Illinois are not bound by the IRS guidance and they are able to deduct their prepaid property taxes
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