You'll need to sign in or create an account to connect with an expert.
review illinois schedule ICR - nonresidents don't get the credit and the credit is nonrefundable. also, the property must be your principal residence, and any amount subtracted as a business expense does not qualify.
When did you purchase the home? Illinois property taxes are billed in arrears. That's means that the property taxes you paid in 2020 are for the year 2019.
You may figure a credit for Illinois property you purchased during 2019 providing you figure only that portion of your taxes that pertains to the time you owned and lived at the property during 2019. You may not take a credit for taxes you paid if the seller reimbursed you at the time of closing. You also may not take a credit on your 2020 return for property you purchased in 2020.
You will be billed for your 2020 property taxes in 2021. Property taxes are deductible in the year actually paid.
Here's the paragraph from IL Publication 108 that explains why even though you've owned your home for years and it is your primary residence and you make less than $500k....etc. - that you may not get a property tax credit. This was applicable in my filing case because both in our house are retired and made so little taxable income in IL.
May I receive a refund if my property tax credit
exceeds the income tax I owe?
If your property tax credit exceeds the income tax you owe, you may
not receive a refund for that amount, and you may not carry unused
credit to other years. Your property tax credit may only reduce the
income tax you owe to zero.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
CRAM5
Level 1
alec-ditonto
New Member
jackkgan
Level 5
atn888
Level 2
tessfam4
Level 2