|
STAR real estate tax credit
| Posted By |
Message |
stinger
LIF Adult
Member since 11/11 4971 total posts
Name:
|
STAR real estate tax credit
So I have been using Turbo Tax for 6 years and dont have an accountant.
I am very out of it and although I have owned my co-op for 14 years I dont think I applied for the STAR tax credit.
What are pros and cons?
I can apply now right? And it will reflect on next year tax filing?
|
Posted 4/16/18 9:56 AM  |
| |
|
Long Island Weddings
Long Island's Largest Bridal Resource |
SusiBee
. . . . .
Member since 3/09 8268 total posts
Name:
S
|
Re: STAR real estate tax credit
Posted by stinger
So I have been using Turbo Tax for 6 years and dont have an accountant.
I am very out of it and although I have owned my co-op for 14 years I dont think I applied for the STAR tax credit.
What are pros and cons?
I can apply now right? And it will reflect on next year tax filing?
With a co-op, you get a rebate for the portion of the RE tax that the co-op pays on the property.
The amount is determined by the number of shares you own. You pay this property tax as part of your maintenance. So when the corporation gets a rebate, the shareholders get it. But if you haven't applied for it, you don't.
I filed my application 20 years ago, so I don't remember all the details about it.
You have to find out from the town when the STAR application deadline is.
I have to declare the rebate on my taxes. I get a statement from the co-op letting me know what my share is, along with a statement of mortgage interest that I can deduct.
My co-op spreads out the rebate over a 4 month period. If we gave the full amount to everyone in one month, we wouldn't have enough money to pay our bills. If there is an assessment, it gets charged during the rebate period to lessen the
impact.
Message edited 4/16/2018 10:31:53 AM.
|
| Posted 4/16/18 10:30 AM |
| |
|
Potentially Related Topics:
Currently 1365862 users on the LIFamilies.com Chat
|
