Full-time resident of New York City. I live in a Co-op apartment that I own.
Our applicable share of real estate property taxes are derived by the Co-Op tax accountant.
Once a year I receive a monthly maintenance bill with a line item indicating "STAR" and an associated dollar amount. And, another line item "ABATEMENT" with an associated dollar amount.
I do NOT itemize taxes on my Federal and New York State return.
Do I need to reduce my real estate property tax dollar amount by the dollar amount of the STAR I received?
Also, do I need to reduce my property tax dollar amount by the dollar amount of the ABATEMENT I received?
I am a but confused, because while doing my NYS return, with TurboTax, I thought I read am info blurb that read that I do not have to deduct my property tax paid if I do NOT itemize - but maybe I am misinterpreting.
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If you do not itemize, you do not need to enter your property taxes on your return at all.
If you would itemize, then YES, you would need to reduce the property tax dollar amount by the STAR rebate AND the Abatement.
If you do not itemize, you do not need to enter your property taxes on your return at all.
If you would itemize, then YES, you would need to reduce the property tax dollar amount by the STAR rebate AND the Abatement.
Thank you Vanessa !!!! I appreciate your answer. Very clear 🙂
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