turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

For property located in NYC, is the 2023 amount of real property taxes paid the amount paid for the July 2022 to June 2023 fiscal year or the actual amounts paid in 2023?

I believe I qualify for the Real Property Tax Relief Credit and want to make sure I'm inputting the correct amount for real property taxes paid and STAR credit.
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

3 Replies
LenaH
Employee Tax Expert

For property located in NYC, is the 2023 amount of real property taxes paid the amount paid for the July 2022 to June 2023 fiscal year or the actual amounts paid in 2023?

Real property taxes means all real property taxes you paid in 2023. For more information on Form IT-229 (Real Property Tax Relief Credit), please see these instructions

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

For property located in NYC, is the 2023 amount of real property taxes paid the amount paid for the July 2022 to June 2023 fiscal year or the actual amounts paid in 2023?

Thanks. This is pretty tricky since the STAR exemption is granted for a fiscal year. This would imply that the STAR exemption amount to list would be half of the exemption for the fiscal year 2022-2023 + plus half of the exemption for the fiscal year 2023-2024. Right?

LindaS5247
Expert Alumni

For property located in NYC, is the 2023 amount of real property taxes paid the amount paid for the July 2022 to June 2023 fiscal year or the actual amounts paid in 2023?

In general, individual taxpayers are considered to be on a "cash basis" in that you report income received in that tax year and expenses (property taxes, etc) that were paid in that tax year. You should enter your STAR exemption as the amount that your received in 2023.

 

From the instruction to Form IT-214:

 

Line 23 Homeowners: Enter any real property taxes paid for your residence by you or your spouse during 2023 to a county, city, town, village, or school district. If your residence is on more than one acre of land, only enter the amount of taxes paid on the residence and the one acre of land around it. See the definition of residence above. In computing the amount of taxes paid, you must reduce taxes paid by any School Tax Relief (STAR) credit (Tax Law section 606(eee)).

 

 

Click here for instructions for Form IT-214.

 

Click here for information on New York State's Real Property Tax Credit.

 

Click here for additional information on real estate property taxes.

 

Click here for information on the cash basis for accounting.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies