Q: Are Illinois pre-paid real property taxes over $10,000 fully deductible?
If you're considering buying a home for your family or your business, a skilled Illinois residential and commercial real estate attorney can help you with everything concerning what may be the largest and most important financial transaction of your life. In fact, you should consult an attorney before signing listing agreements or other contracts with the many different players that are involved in real estate transactions, so your interests can be adequately protected.
If you already own real estate, you might have been caught up in the recent frenzy over one part of the latest federal tax reform legislation--namely the new $10,000 cap on real property tax deductions.
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