The U.S. Internal Revenue Service warned homeowners who are rushing to prepay their 2018 property taxes that their payment may not be tax deductible.
"A prepayment of anticipated real property taxes that have not been assessed prior to 2018 are not deductible in 2017," the IRS noted in an advisory released Wednesday.
A law signed by President Trump, which goes into effect next year, will impose a $10,000 combined limit on the deduction of state and local income property taxes.
While there is no limit on the deduction for 2017, a full deduction for the prepayment of state or local property taxes depends on when payment is made and whether the taxes are assessed prior to 2018.
"State or local law determines whether and when a property tax is assessed, which is generally when the taxpayer becomes liable for the property tax imposed," it said.