Property owners scramble to file taxes

Homeowners nationwide are scrambling to pay their property taxes for next year in hopes of saving thousands before new tax laws kick in.
2:02 | 12/28/17

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Transcript for Property owners scramble to file taxes
The homeowners are across the country are scrambling to pre paid their taxes for the next year. In hopes of saving thousands of dollars before the new tax law that was just signed into effect last week takes effect. But this morning the IRS has released some new guidance and it turns out saving money and your 2018 taxes right now. Maybe more complicated than a lot of people thought. The attacks are taking effect January 1 brings with it new rules affecting millions of Americans I'm very upset. That's how it's gonna get value back home taxpayers from tiger states like new York New Jersey and California are rushing to pay certain taxes early in order to take advantage of deductions that will soon disappear. The new law limits deductions for state and local income taxes and property taxes capping them at a combined 101000 dollars. Accountants say some taxpayers could prepaying next year's property tax to get a larger deduction this year but the IRS the message for those Russian to pay those taxes before the new rules take effect. Not so fast. In a post on its website the iris said paying those taxes ahead of time could work but only under limited circumstances. To qualify for the extra deduction this year property taxes not only need to be paid in 2017. But they must also be assessed in 2017. Which means anyone paying taxes on estimated assessment will probably be out of luck. I would say in the last two days today and yesterday. We probably had over a thousand votes. Some six or even encouraging residents to try and stir at the new cap on state and local tax deductions. New York's governor Andrew Cuomo signed an executive order paving the way for residents to prepaid their property taxes. But prepaying could be a risky strategy for some. Many homeowners pay their taxes into an escrow account and they could end up facing an audit if they prepaid because the tax payments they report to BI arrest. Will differ from those reported by their banks. Since it's really simple script so Republicans do incessant attacks will benefit the middle class they say Americans will start seeing bigger paychecks starting in February.

This transcript has been automatically generated and may not be 100% accurate.

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