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Are New York State Star real estate tax rebates considered income on federal income tax forms?
Wiki User
∙ 14y ago
STAR isn't considered income. STAR is School Tax Relief program. It includes a school property tax rebate program and a partial property tax exemption from school taxes. You apply for the exemption through your local assessor's office.
For more information, go to the website of the State of New York Office of Real Property Services, www.orps.state.ny.us for their brochure, STAR School Property Tax Exemption Questions & Answers. Or call 1-877-6-STAR-NY (1-877-678-2769).
However, if you itemized deductions and deducted NY state real estate taxes, and the STAR rebate is a refund of a deduction claimed in a previous year, it does have to be reported on your Federal Income Tax return as "other income" (1040 line 21). If you receive the rebate on RE taxes in the same year you paid the taxes, you have to reduce your itemized deduction by the amount of the rebate. -JPD
Wiki User
∙ 14y ago
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Is a rebate taxable income?
None of the federal rebates that you may have received would be taxable.
The us government has decided to issue federal income tax rebates to taxpayers what is the most likely goal of these rebates?
the goal is to get the consumer to increase their spending
Will the federal income rebates of 2008 be taxable on your 2009 federal income tax?
Yes. No. The IRS, in Notice No. CP 1378, "Understanding Your Economic Stimulus Payment", mailed to recipients of the tax rebates, states "You will not be required to report the amount of your stimulus payment as taxable income on your 2008 federal income tax return." See also: http://www.factcheck.org/askfactcheck/is_the_economic_stimulus_payment_taxable.html
Is money inherited from a parent's estate taxable?
No, inheritances are not subject to federal income taxes.
Are executor fees taxable?
Executor fees are considered income. As such they are subject to income tax at a federal and state level. Depending on the situation, it may be beneficial to waive the fees if the executor is inheriting a part of the estate. Consult a tax attorney or CPA.
When you file federal taxes what is considered taxable income?
SSI
Is class action suit of deceased considered part of the estate?
It would be an assets of the estate. Any income from the suit would become a part of the estate.
The federal income tax uses which form of taxation?
The federal tax is considered a voluntary tax.
Is the surviving spouse responsible for deceased spouse's federal income tax?
I take it that the two of you filed separate returns and kept your funds separate. You are probably not responsible for your deceased spouse's federal income tax. However, your deceased spouse's estate is responsible for his or her federal income tax. That is if there is enough money in the estate to pay the taxes. Otherwise, you may need a good tax lawyer.
Is an executor fee taxable?
It is considered income. That means it is subject to city, state and federal income tax.
Is a 1099-C debt forgiven from a real estate short sale taxed and considered as earned income or passive income due to it being Real Estate Rental loss?
Pursuant to the instructions in IRS Publication 4681 income reported on form 1099-C from debt forgiveness is reported on line 3 of schedule E if the debt has to do with non-farm rental real estate. This is the same line you use for rental income. So I believe the answer is that it would be considered passive income from rental real estate absent an election to be considered a real estate professional under IRC 469(c)(7).
Is a annuity check considered income?
An annuity check would be a part of your unearned income amount on your federal 1040 income tax return.
