URGENT: PROPERTY TAX CREDIT/DEDUCTION

[jaywalk]

I am doing my NJ state tax return, does anyone know if we can claim the property tax credit/deduction while we are living in these units?

[Dotnetcat]

Unfortunately, it's NOT.

[jaywalk]

Thanks

[Lenin]

Nope,


Lefrak doesn't pay his taxes!

[TravelinThru]

I have always claimed it - Its based on the amount you pay as rent.

[Stinky]

I have always claimed it - Its based on the amount you pay as rent.You are not allowed to claim it if you live in a building where the landlord makes a PILOT (Payment In Lieu Of Taxes) instead of paying property taxes.

[TravelinThru]

You are not allowed to claim it if you live in a building where the landlord makes a PILOT (Payment In Lieu Of Taxes) instead of paying property taxes.

I dont believe there is a clear cut yes or no answer to this.

I believe the majority, of condo owners in James Monroe claim a deduction even thought they are subject to PILOT. Apparently the Managment office has sought legal opinion which claims that PILOT is deductible.
As far as Shore Club is concerned, have spoken to various people at JC Municipal offices, and have got responses to the effect that it is deductible (though they aren't willing to put that in writing).

Even the IRS is unclear as to its deductibility. When I spoke to IRS customer service, they told me it was deductible. However, there were clearly a few cases outstanding against some James Monroe owners for claiming the deduction with PILOT.