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Subject Author Date
Is NJ Homeowner Rebate taxable? goodshi 03-06-2007
Posted by goodshi on March 6, 2007, 5:44 am
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 Is the New Jersey Homeowner Rebate from prior year taxable
for Federal taxes?

Thanks!

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Posted by Benjamin Yazersky CPA on March 7, 2007, 4:49 am
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> Is the New Jersey Homeowner Rebate from prior year taxable
> for Federal taxes?

The NJ rebate is a reduction of your property tax itemized
deduction. But remember to put the full amount of property
taxes paid on the NJ return.

___________________________________
<<< Benjamin Yazersky, CPA [NJ & NY] >>>
-----> real address on hobokeni or hobokenx <-----

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by Bob Sandler on March 7, 2007, 4:49 am
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> Is the New Jersey Homeowner Rebate from prior year taxable
> for Federal taxes?

In most cases it is taxable if you claimed an itemized
deduction for real estate tax on your federal tax return for
the prior year. If you did not itemize deductions on your
federal return for the prior year, then the rebate is not
taxable. For more details see the IRS News Release at the
link below, and the section on "Recoveries" in IRS
Publication 525.

http://www.state.nj.us/treasury/taxation/pdf/irsnewsrelease.pdf

Bob Sandler

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

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