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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.

LenaH
April 30, 2024

is this a refundable credit? @LenaH 


Yes. Per NYS IT-229 instructions, if you do not use the full amount of the credit for the current tax year, you may request a refund or credit the overpayment to the next year’s tax liability. 

 

@az148 

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