14 Mar If you messed up property tax deductions
Photo: morguefile.comQ. Your recent story said New Jersey won’t allow the first two quarters of 2018 to be deducted in 2017, but will allow it in 2018, even though it was paid at the end of 2017. I already filed my taxes two weeks ago and claimed it all for 2017. What do I do?
— Confused
A. You’re correct about what New Jersey will allow, and this is especially confusing because of conflicting wording in the state’s 1040 instructions.
Even if you can get a federal deduction for prepaying your property taxes, New Jersey won’t allow it.
“You need to amend the 2017 NJ-1040 to only claim a deduction for the 2017 taxes,” said Neil Becourtney, a certified public accountant and tax partner with CohnReznick in Eatontown.
Becourtney explained exactly how it works in this previous story. Take a look.
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This post was first published in March 2018.
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