Question on form nyc208 line 20

I own a 2 family house in NYC and live in one apartment.  TurboTax has entered the property tax for the entire building on line 20, but the NYC instructions for line 20 say "If your residence was part of a larger unit, include only the amount of real property taxes paid that can reasonably be applied to your residence."

Is TurboTax correct?

jtv924
New Member

Retirement tax questions

Hi Frank -

I'm curious about this too in regards to my 3 family. I posted a similar question and it was deleted without being answered. I called the NYS tax hotline and received two different answers - one saying use the full amount, one saying us 1/3rd. I've also asked around and nobody has a definitive answer. 

If I had to guess, logically I'd say that you only apply the portion that represents the space that you occupy because your tenant can also apply for the credit based on the fact that his rent goes toward your property tax -- theoretically. 

J

View solution in original post

Retirement tax questions

I filed the way TurboTax filled out NYC-208 for me (showing interest for the whole property) for 1996 and got a note from NY disallowing the deduction.  This year, TurboTax did the same thing so I got the instructions for the form and, the way I read it, I should only show 50% of the tax.  Wanted to check with others before sending in my tax return.  It would seem that TurboTax needs a correction (especially since it already knows this is a 2 family house and I live in one apartment).  How can we get TurboTax to chime in here?
jtv924
New Member

Retirement tax questions

Just to clarify - 1996 is the total amount? Was this for last year? What about 2015 & 2014?

Retirement tax questions

When I used TurboTax to complete me taxes for tax year 1996, it put the entire amount of real estate tax for my 2 family house on NYC-208 and it was rejected by New York.  Now, when completing my return for tax year 1997, TurboTax did the same thing which is what let me to ask
jtv924
New Member

Retirement tax questions

OK you mean 2016 & 2017 then. I'm going to use what I use for my federal expenses - 50% for the amount of the property that I occupy.