How Will the New Tax Law Affect My Real Estate Investments?
Sweeping changes will create some big winners, big losers and mixed results for others. Understand what's coming so you can strategize for 2018.
(Disclaimer: I'm an investor and not an accountant, a financial advisor or attorney. Consult your own financial and/or legal advisors before making any investment or legal decisions.) (Update: December 28, 2017. Some financial advisors (and the financial press) have been recommending that homeowners in high tax states prepay future property taxes in 2017 to get an extra deduction (since the since removal of the deduction doesn't occur until the first day of 2018).
However, the IRS has posted additional guidance clarifying that this will not work for most people. You cannot get a deduction if the taxes have not yet been assessed. And no jurisdictions have assessed them yet. Simply guessing at the amount in the future will not get you a deduction. More information here.)