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Do seniors get a discount on property taxes in NY?

Local governments and school districts in New York State can opt to grant a reduction on the amount of property taxes paid by qualifying senior citizens. This is accomplished by reducing the taxable assessment of the seniors home by as much as 50%.

Why do I need it-558 form?

Created as a new charitable deduction for those taking the standard deduction on their federal return of up to $300. This amount is required to be added back to income for NY purposes.

What is NYS it-558 form?

Complete Form IT-558 and submit it with your return to report any New York State addition and subtraction adjustments required to recompute federal amounts using the rules in place prior to any changes made to the IRC after March 1, 2020.

Where do I send my amended NY state tax return?

and Form IT-201-V to: STATE PROCESSING CENTER. PO BOX 15555. ALBANY NY 12212-5555.

What is it 229 line 3?

What is the New York Real Property Tax Relief Credit (IT-229)? This new credit is for tax year 2021 and 2022 and 2023. This credit is for taxpayers who pay more than 6% of their income for property taxes.

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