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Posted by Don Priebe on April 11, 2008, 8:05 am
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>I receive a credit on my real estate taxes in New York called a STAR
> credit. I get a check each year. Is this taxable on my 1040 or IT-201?
It's a rebate on the current year's school taxes.
If rebate > school tax, excess is taxable - enter on line 21.
If rebate < school tax and you itemize, itemize only the net amount of your
school tax.
If rebate < school tax and you don't itemize, do nothing.
There's a discussion on this and a table of the rebates (which vary by
county, township, school district, and income) on the NY website.
--
Don EA in Upstate NY
--
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