Paying the property tax for your home in advance can save you money on your tax bill for 2011. However, if you are subject to Alternative Minimum Tax (AMT) this year, paying extra property tax will not reduce your tax.
You may have to pay the AMT if your taxable income adjusted for AMT is higher than the AMT exemption amount. State and local income taxes and real estate tax are examples of the adjustments. The AMT exemption amount for 2011 is $48,450 for single and $74,450 for married filing jointly.
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