IRS Chief Counsel memo on MA "circuit breaker credit"

If any of you practice (or live) in MA and haven't seen this, you may wish to read it.

The Office of Chief Counsel has issued a memo about treatment of the refundable MA senior citizen's circuit breaker credit which is a refundable credit based on your real estate tax.

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Really short version:

  • If you get it as a renter, the refundable part is not gross income.
  • If you get it as an owner and do not itemize, the refundable part is not gross income.
  • If you itemized, then you have to include the credit as income to the extent the real estate tax deduction reduced the tax imposed.
Reply to
Rich Carreiro
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