Full-time resident of New York City. I live in a Co-op apartment that I own.
Our applicable share of real estate property taxes are derived by the Co-Op tax accountant.
Once a year I receive a monthly maintenance bill with a line item indicating "STAR" and an associated dollar amount. And, another line item "ABATEMENT" with an associated dollar amount.
I do NOT itemize taxes on my Federal and New York State return.
Do I need to reduce my real estate property tax dollar amount by the dollar amount of the STAR I received?
Also, do I need to reduce my property tax dollar amount by the dollar amount of the ABATEMENT I received?
I am a but confused, because while doing my NYS return, with TurboTax, I thought I read am info blurb that read that I do not have to deduct my property tax paid if I do NOT itemize - but maybe I am misinterpreting.
