We Need to Know About Your Rent NJ

I have a simple question, under the State Tax Return for my NJ return, under the We Need to Know About Your Rent: am i putting in what i pay monthly or how much rent i paid for the whole year? 1200/mth or 14400/yr?

posted

You need to enter the entire rent paid for the whole year.

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Are you talking about the Property Tax Deduction or Credit?

I found it after the question about Homestead Rebate and Property Tax Deduction.

See here.

“The property tax deduction reduces your taxable income. You can deduct your property taxes paid or $15,000, whichever is less. For Tax Years 2017 and earlier, the maximum deduction was $10,000. For tenants, 18% of rent paid during the year is considered property taxes paid.”

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