Do I qualify for this credit? To qualify for this credit, you must meet all of these conditions for tax year 2018: • Your household gross income was less than $200,000. • You occupied the same New York City residence for six months or more. • You were a New York City resident for all of 2018. • You could not be claimed as a dependent on another taxpayer’s federal income tax return. • Your residence was not completely exempted from real property taxes. • Additionally, you must meet all the conditions listed under either Homeowners or Renters below: Homeowners – You or your spouse paid real property taxes. – Any rent you received for nonresidential use of your residence was 20% or less of the total rent you received. Renters – You or a member of your household paid rent for your residence.
The credit is only if your property taxes paid for all household members had to exceed 4-6% of total NYS household income which adds back pensions and social security income Or a renter it would have to exceed rent plus certain utilities by 15.75%. if NYS household income is under 100k 4%, from 100-150k household income it would have to exceed 5%, for $150-200k it would have to exceed 6% of household income. See the link I provided to the form below. Or if you paid already for the TT program you should be able to look at the NYC-208 form. https://www.tax.ny.gov/pdf/current_forms/it/nyc208_fill_in.pdf
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