rjs
Level 15
Level 15

Deductions & credits

You don't report the PTR as income, but you have to adjust the imported amount of real estate tax. Subtract the PTR from the imported amount and enter the result instead of the amount that was imported.


In your New Jersey tax return, when it asks how much property tax you paid, enter the "total base year property taxes" from line 10 of the PTR-2 form.