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Investors & landlords
Thank you for the reply, I did assume that the lot rent was not deductible on the Federal return, but what about the Maine State return?
The original post indicated that the property tax and lot rental amount should be added together and reported as one value under the Property Tax Fairness box. But when I printed off the forms it appears that these two values should be reported in two different boxes and only 15% of the lot rental will be used to determine any credit amount for the Property Tax Fairness credit for Maine. I do not see in the Trubo Tax application how to enter these two different values correctly?
When I enter the sum of the values in the one box the credit is over $700, but when I manually figure the credit using the printed form and separating the value two values the credit is only $50. Please let me know how to correctly report the information for this credit for 2020 Maine State return..