In 2018, I received a check from the NJ Homestead Rebate Benefit program for property that I used to own in 2015. Should I deduct the check's amount from the property taxes that I paid in 2018 and enter the balance as my 2018 paid property taxes? The check is not NJ state income tax refund.
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The Homestead Rebate should only be included in taxable income for 2018 if, in 2015, you itemized deductions and actually benefited from the deduction of the property tax.
The income recognition principle at work here is exactly the same as that applied to refunds of state income tax.
The Homestead Rebate should only be included in taxable income for 2018 if, in 2015, you itemized deductions and actually benefited from the deduction of the property tax.
The income recognition principle at work here is exactly the same as that applied to refunds of state income tax.
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