Something that's non-taxable. As I understand the saga, you didn't get an income tax refund, and the property tax rebate you received is for property you don't own and, thus, don't pay taxes on.Yeah, I agree it *should* be non-taxable, but I'd like to know what it *is*, so if I get a letter from the IRS about it, I can defend it :). I guess I was hoping Ira would say "yeah, $10 of your property tax rebate is actually considered 'return of capital' due to something-something, so $30 is right". No such luck! Guess I'll call on Monday.And, by the way, in NJ renters still receive a NJ property tax rebate - as well as deduction/credit - (although a small one) because a portion of rent is considered to cover property taxes.So yeah, as a non-homeowner, I couldn't deduct it on my federal return, so it definitely shouldn't be taxable on my federal return this year.One new detail:Looking over my 2007 NJ return, the *only* amount I see of "30" is the total of my charitable contributions through the return. But that would be a deduction, not an amount to appear on a 1099-G box 2.I guess the most likely explanation is NJ just messed up the amount of my property tax rebate?My only question, which I thought Ira would address, is whether that is considered to reduce your 2008 NJ taxes paid, but if you don't itemize on your 1040 the question is moot anyway.Does this answer your question Phil? :)http://www.state.nj.us/treasury/taxation/pdf/irsnewsrelease....It seems to be treated as recovery from the previous year.However, of interesting note, that says NJ will not issue a 1099-G for property tax rebates. So now I'm even more confused.
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra