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chanmar
LIF Adolescent
Member since 7/07 499 total posts
Name:
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TAX QUESTION?
Does anyone here know if you have to deduct the star rebate we received last year? Like if we paid $10,000 in taxes and got a $1,000 rebate check, do we claim $9,000 in paid real estate taxes?
TIA
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Posted 1/29/08 10:33 AM  |
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chanmar
LIF Adolescent
Member since 7/07 499 total posts
Name:
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Re: TAX QUESTION?
Never mind. I Found the answer on a previous post.
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| Posted 1/29/08 10:36 AM |
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Selden78
I lvoe the fall :)
Member since 6/06 3543 total posts
Name:
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Re: TAX QUESTION?
whats the answer?
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| Posted 1/29/08 10:37 AM |
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chanmar
LIF Adolescent
Member since 7/07 499 total posts
Name:
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Re: TAX QUESTION?
Generally no; most New Yorkers will not pay tax on the rebate amount. However, if you itemize your deductions when you file your 2007 income tax return, you will have to deduct the amount of the rebate from your property taxes paid. Also, in the unusual case where your rebate is greater than the property taxes you pay, the excess is considered income and needs to be included on your 2007 income tax return.
If you receive your 2007 rebate in 2008, you would not deduct it from property taxes paid in 2007. The rebate would be considered income in 2008 and included on your 2008 income tax return.
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| Posted 1/29/08 10:41 AM |
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