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Deductions & credits
There is no way to choose the property tax credit or deduction. The worksheets provided by the State of New Jersey are used to determine which method provides the greater tax benefit.
It may seem that deducting $10k/$15k of property tax is more beneficial than claiming a $50 tax credit. However if your NY other state tax credit has reduced your NJ tax liability to less than $50 without taking into account the property tax deduction, then the credit is better.
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March 2, 2021
2:11 PM