Illinoisans Allowed to Deduct Prepaid Property Taxes
The more than 20,000 Lake County taxpayers who prepaid their property taxes last December are allowed to deduct their prepaid property taxes on the 2017 federal tax return, according to a statement from the U.S. Treasury Department.
"The Lake County Treasurer's Office is very pleased to be able to provide clarity on this question for local taxpayers," Lake County Treasurer David Stolman said. "I would like to thank Congressman Peter Roskam (6th District) for his assistance in seeking confirmation that taxpayers in Illinois are not bound by previous IRS guidance regarding the prepayment of property taxes."
The U.S. Department of the Treasury 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.
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