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Posted by Joe C on February 5, 2007, 8:41 pm
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Last year(2006), in a politically motivated move, NY
taxpayers were treated to a partial rebate on their property
taxes. We did not receive a "1009G", so how do you think
this rebate should be handled?
Thanks,
Joe
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Posted by Shyster1040 on February 6, 2007, 9:58 pm
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No Form 1099-G was required to be filed with respect to a
refund or rebate of state/local property taxes. See the
instructions to 2006 Form 1099-G.
That being said, you still have to treat it under the
general rules that apply to recoveries of state/local taxes.
The instructions for Form 1040 should walk you through
what, if any, part of the rebate you must report as income
for the year of receipt.
<< ======================================================= >>
<< 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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Posted by Benjamin Yazersky CPA on February 6, 2007, 10:17 pm
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> Last year(2006), in a politically motivated move, NY
> taxpayers were treated to a partial rebate on their property
> taxes. We did not receive a "1009G", so how do you think
> this rebate should be handled?
1099G is for refund of income taxes - not property tax
rebates
The rebate should reduce your itemized deduction for real
estate taxes
___________________________________
<<< 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. >>
<< ======================================================= >>
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Posted by nwcoff on February 6, 2007, 10:17 pm
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> Last year(2006), in a politically motivated move, NY
> taxpayers were treated to a partial rebate on their property
> taxes. We did not receive a "1009G", so how do you think
> this rebate should be handled?
New Jersey has been giving out real estate taxes for many
years. I assume your rebate was for 2005 taxes.
If you deducted your real estate taxes in 2005, then the
rebate is taxable in 2006. The IRS tells us that we can list
the rebate as other income on line 21 or reduce the 2006
real estate taxes paid in 2006 by that amount.
If you didn't itemize in 2005 and took the standard
dedution , the rebate is not reportable.
<< ======================================================= >>
<< 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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Posted by Don Priebe on February 6, 2007, 10:17 pm
Please log in for more thread options > Last year(2006), in a politically motivated move, NY
> taxpayers were treated to a partial rebate on their property
> taxes. We did not receive a "1009G", so how do you think
> this rebate should be handled?
It was a partial rebate of your 2006 school taxes. Per the
NY website handle it as follows:
1. If you itemize, deduct only your net (paid - rebate)
school taxes on Schedule A.
2. If your rebate was larger than your school taxes
(non-NYers don't ask. Remember the check came out just
before the election) the excess is declared as other income
on line 21 of the 1040.
3. Else it was a partial rebate of property taxes that you
don't claim anyway, so no impact on taxes.
I assume you also use net school taxes on line 23 of Form
IT-214. I haven't thought about if it reduces the "add the
taxes you didn't pay" option on line 26 of the 214.
--
Don EA in Upstate NY
<< ======================================================= >>
<< 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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