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?
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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
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
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