Mnuchin Defends IRS Position on Prepaid Property Taxes - McDermott Will & Emery

Mnuchin Defends IRS Position on Prepaid Property Taxes

Overview


Peter Faber said that, because the new tax bill limits the state and local property tax deduction to $10,000, “this effectively amounts to a repeal of the deduction for state and local income taxes for high-income individuals and can be expected to have a particularly adverse effect on high-tax states such as New York and California.”