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April 24, 2024
Question

real property tax credit NY IT 229

  • April 24, 2024
  • 2 replies
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is this credit available for tax year 2024? is this credit only for NY residents?  I couldn't find any info on the IRS website

2 replies

April 25, 2024

I believe this is only applicable to NY State.   Here is a link with more information: Instructions for Form IT-229 (ny.gov)

 

 

 

 

 

PatriciaV
April 25, 2024

According to the New York Department of Taxation, the Real property tax relief credit has no expiration date at this time. Tax law changes from year to year, so you may wish to check the state website later this year.

 

You are entitled to this refundable credit if you meet all of the following requirements for the tax year:

  • you are subject to tax under Tax Law Article 22,
  • you were a New York State resident for all of the tax year,
  • your qualified gross income is $250,000 or less,
  • you owned and primarily resided for six months or more of the tax year in real property that received the STAR exemption or that qualified you for the STAR credit,
  • any rent you received from nonresidential use of your residence was 20% or less of the rental income, and
  • you are the one that paid real property taxes on the property fully or partially.

 

@az148 

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az148Author
April 26, 2024

Are we supposed to tell our accountant that we qualify for the credit? because turbotax system automatically filled out the form last year but this year it didn't show up.

April 26, 2024

If you qualify based upon the information provided by PatriciaV above, then yes, you can let your accountant know you qualified in the past for the credit and you want to make sure you don't miss it in 2024.  Be aware, the form does not get filed until you complete your 2024 tax return in early 2025.

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