Real Estate Tax Rebates

BOB W

Senior Member

Join Date: Jun 2005

Posts: 4060
#1

Real Estate Tax Rebates

02-10-2008, 05:54 PM

Last year we talked about this and it was decidedly voted that any return of Real Estate taxes by local or state should not be netted on schedule A and put on line 21 as other income.

I do about 20 IRS employees and ALL of them are saying that they were told to be sure the rebate is put on Schedule A so that their real estate taxes are shown as a net figure.

Have anyone else heard of this posistion change??????

This post is for discussion purposes only and should be verified with other sources before actual use.

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veritas

Senior Member

Join Date: Dec 2005

Posts: 3290
#2

02-10-2008, 06:07 PM

Real Estate Taxes

If the rebate or credit is for the cuurent year deduction I net them. If it is for deduction taken in a prior year, I include in income to the extent it was a tax benefit in a prior year.

See page 3-21 of TTB.

Last edited by veritas; 02-10-2008, 06:12 PM.
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