Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 04-10-2007, 01:05 AM
Junior Member
 
Join Date: Jan 2007
Posts: 9
Is the Property tax rebate (NJ) taxable on federal return?

A quick question, is the2005 New Jersey Property tax rebate of $300 taxable on my 2006 individual federal 1040 ?

If yes, where exactly do I report this amount?

Tks.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 04-11-2007, 10:22 AM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,417
Blog Entries: 3
Yes, this is taxable and usually there are 2 ways of handling this. One method is to reduce your property taxes by this amount on Schedule A. But for taxpayers who do not itemize this method is not used.

The other method is a more commonly preferred approach used by Software Programs and CPA's where it is included on Page 1 of the 1040 under section "Other Income" not subject to Self-employement tax, describing the item as "Property tax rebate".

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.