01 Oct Do I qualify for the veteran exemption?

Q. For the veterans exemption: Our mortgage is in my wife’s name and we file married but separate. How will it apply to us?
— Veteran

A. Your mortgage doesn’t have anything to do with this tax benefit for veterans.

For tax years beginning Jan. 1, 2017, military veterans who were honorably discharged or released under honorable circumstances from active duty are entitled to take an additional $3,000 exemption on their New Jersey tax return, said Howard Hook, a certified financial planner and certified public accountant with EKS Associates in Princeton.

“Filing status and whether you had a mortgage are not considerations for determining eligibility,” hook said. “Only the person who is a veteran who meets the above qualifications can take the $3,000 benefit.”

If you file married separately and she is the veteran, she will take the exemption on her return, Hook said. If you are the veteran, you will take the exemption on your tax return.

Here’s how it works for widows.

We want to make sure you’re also aware of a property tax benefit for disabled veterans.

“Certain totally and permanently disabled war veterans – or surviving spouses of disabled war veterans or servicepersons who died on wartime active duty – are exempt from property taxes on their personal residence,” Hook said. “Income tax filing status and whether you have an mortgage are not factors in determining eligibility.”

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