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Subject Author Date
NJ Real Estate Tax Rebate njoracle 11-22-2007
Posted by Han on November 23, 2007, 9:18 pm
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> Gee, we should have done this for t/y 2006 Don? It wasn't until I saw
> the this thread about NJ this AM that I started to wonder if my
> brother, who itemizes (I looked over his return, but didn't actually
> "do" it since I'm not qualified for my own, never mind his!), did
> this. As he's away for the holiday, I'll have to ask him. 1040x time
> if he neglected to deduct on Sch "A", I assume?
>
NJ has reminded taxpayers at least since 2005 or that tax reporting has to
include the home owners rebate. I don't remember how I did it (I could
look it up), just that I did. This year (2007) the rebate was a much
larger amount than in 2006.

--
Best regards
Han
email address is invalid


Posted by Andrew on November 23, 2007, 9:57 pm
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Han wrote:
>
>> Gee, we should have done this for t/y 2006 Don? It wasn't until I
>> saw the this thread about NJ this AM that I started to wonder if my
>> brother, who itemizes (I looked over his return, but didn't actually
>> "do" it since I'm not qualified for my own, never mind his!), did
>> this. As he's away for the holiday, I'll have to ask him. 1040x
>> time if he neglected to deduct on Sch "A", I assume?
>>
> NJ has reminded taxpayers at least since 2005 or that tax reporting
> has to include the home owners rebate. I don't remember how I did it
> (I could look it up), just that I did. This year (2007) the rebate
> was a much larger amount than in 2006.

Han - I think Don was pointing out what NEW YORK reporting was. I beleive
from what I've read in this thread there are differences in the two states.
As my both me and my brother are NY State residents, that's why I was
explicitly addressing the NY State post he made. (PS: Nice to see you over
here from Q!)


-------------------------------------------
Regards -

- Andrew


Posted by Han on November 24, 2007, 9:00 am
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> Han wrote:
>>
>>> Gee, we should have done this for t/y 2006 Don? It wasn't until I
>>> saw the this thread about NJ this AM that I started to wonder if my
>>> brother, who itemizes (I looked over his return, but didn't actually
>>> "do" it since I'm not qualified for my own, never mind his!), did
>>> this. As he's away for the holiday, I'll have to ask him. 1040x
>>> time if he neglected to deduct on Sch "A", I assume?
>>>
>> NJ has reminded taxpayers at least since 2005 or that tax reporting
>> has to include the home owners rebate. I don't remember how I did it
>> (I could look it up), just that I did. This year (2007) the rebate
>> was a much larger amount than in 2006.
>
> Han - I think Don was pointing out what NEW YORK reporting was. I
> beleive from what I've read in this thread there are differences in
> the two states. As my both me and my brother are NY State residents,
> that's why I was explicitly addressing the NY State post he made. (PS:
> Nice to see you over here from Q!)
>
>
> -------------------------------------------
> Regards -
>
> - Andrew
>
Hi Andrew! Yes I lurk in here too. Sorry about confusing NY and NJ tax
issues. I think the OP had been referring to NJ, hence my confusion.

--
Best regards
Han
email address is invalid


Posted by Ron Hardin on November 22, 2007, 11:07 pm
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njoracle wrote:
>
> In previous years, NJ did not issue a W2-G for the real estate tax
> rebate. I treated the rebate as a reduction in real estate tax - e.g RE
> Tax = $6000, rebate = $1000, RE Tax reported on Sched A = $5000. I will
> continue to do that for 2007 unless anyone knows if there is anything
> new on this subject.

The computation they want puts it in a different tax year than the one
you put it in. As I recall, the effect is to undo the previous year's
state tax deduction, including the effects of tax bracket and reduction
of deductions over a certain amount of income.

It's unlikely they'd allow a choice in this, because people would take
the choice most favorable to themselves.
--
rhhardin@mindspring.com

On the internet, nobody knows you're a jerk.


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