NJ ANCHOR program is property tax tax relief for homeowners and tenants issued in 2023 for year 2020 and 2019. NJ says it is not taxable income. Some call anchor REBATE ??
Some reports say its not taxable on Federal income tax as well if you use standard deduction that year and own single family home.
I used standard deduction and i have 2 family home deducting 50% of property taxes on schedule E.
IN year 2023 i received $1500.00 for year 2019 and $1500.00 for 2020 tax year. So total received in my bank year 2023 = $3000.0
My property taxes =$8000 , $4000.00 deducted on sch E Do i? Lower $4000 I'm deducting by $1500 which is half of the i received $3000 , or do i add $1500 to schedule E income as some people say?
