Is NJ Homeowner Rebate taxable?

Is the New Jersey Homeowner Rebate from prior year taxable for Federal taxes? Thanks!

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Reply to
goodshi
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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. ___________________________________

-----> real address on hobokeni or hobokenx

Reply to
Benjamin Yazersky CPA

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.

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Bob Sandler

Reply to
Bob Sandler

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