Property Owners: Income Tax Credit?

Your property taxes paid to the city are deductible. Not a credit.

In a co-op, you deduct your share of the real estate taxes the co-op pays.

I wonder if there's a way for aboutready to take a tax deduction and get a rebate she doesn't deserve?

But note that real estate taxes cannot be deducted when calculating AMT - so you still may be paying for the whole thing

As NWT stated, a portion of the co-op maintenance fee is deductible, the property tax portion, which ranges in most co-ops between 50% and 75% of the maintenance amount.

And usually a mute point as feelhong points out when calculating your AMT.

New York State provides a program called STAR, which is a small credit that property owners who make less than $500K a year can take on their primary residence. The government (sneakily, IMHO) just changed the program from an "opt-out" to an "opt-in" program, so if you have recently bought a condo, you'll have to register.

http://www.tax.ny.gov/pit/property/star13/default.htm

ali r.
{downtown broker}