There is no exemption for being a homeowner on a federal tax return. Are you referring to a state exemption?
Or are you referring to a homestead exemption for property taxes? If so, that is not an income tax question and would be addressed with your local county/city tax assessors office.
I have income from Certificates of Error that I need to report. Where do I place it in Your Income?
@lanthon1-hawk-ii wrote:
I have income from Certificates of Error that I need to report. Where do I place it in Your Income?
For what tax year did you receive these? If you did not itemize deductions for the year(s) in question you do not report the income on a federal tax return.
This is for 2021 and I took the standard deduction. Would it be more beneficial for me to itemize if this Certificates income is under $2,000?
In TurboTax (TT), enter at:
- Federal Taxes tab (Personal in Home & Business)
- Wages & Income
Scroll down to:
-Less Common Income
-Misc Income, 1099-A, 1099-C
- On the next screen, choose: reimbursed deductions from a prior year
- On the next screen, choose: refunded taxes
As others said, you would only report this as income, if you deducted it on previous year tax returns (you itemized deductions)
@lanthon1-hawk-ii wrote:
This is for 2021 and I took the standard deduction. Would it be more beneficial for me to itemize if this Certificates income is under $2,000?
You can only use itemized deduction if the total of all the itemized deductions is greater than the standard deduction for your filing status. For the property taxes paid you would only enter the amount that you paid with were not reimbursed, so it probably would not help you out by reducing your total income on the federal return.
Standard deductions for 2021
Above reply edited:
You would only report this as income, if you deducted it on previous year tax returns (you itemized deductions)