when do new deductions take effect
More immediately, taxpayers in high-tax states are rushing to see whether they can seek extra relief ahead of a new cap on the state and local tax deduction that will go into effect on Jan. 1. Taxpayers will get to deduct only up to $10,000 in both property and income or sales taxes going forward, and GOP negotiators specifically banned people from prepaying 2018 income taxes this year for an extra tax break.