I am a resident of New York state and I received and cashed two checks in 2019:
2019 Property Tax Relief
2019 STAR Credit
from the New York Department of Taxation and Finance.
Is this considered taxable income for federal or state? I thought it might not be because it's money I already paid that is coming back to me, but I was not sure.
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No, these checks are not income. However, if you are a homeowner and claim property taxes as an itemized deduction, you will reduce your deduction by the amount of the check. If you claim the Standard deduction on your tax return you will not need to do this.
This question was previously answered by SandraM
No, these checks are not income. However, if you are a homeowner and claim property taxes as an itemized deduction, you will reduce your deduction by the amount of the check. If you claim the Standard deduction on your tax return you will not need to do this.
This question was previously answered by SandraM
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