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Understanding New York Form IT-214, claim for Real Property Tax Credit

SOLVEDby IntuitLacerte Tax21Updated July 12, 2022

A New York Form IT-201 must include a Form IT-214. What triggers this form in Lacerte?

How to generate Form IT-214

  1. Go to Screen 53, Other Credits.
  2. Scroll to the section Real Property Tax Credit (IT-214).

Who's eligible for the Real Property Tax Credit?

To be eligible for the Real Property Tax Credit, you must meet the following criteria according to the New York Department of Taxation and Finance:

  • Your household gross income is $18,000 or less.
  • You had the same New York residence for six months or more.
  • You were a New York State resident for the entire year.
  • You couldn't be claimed as a dependent on another taxpayer's federal income tax return.
  • Your residence wasn't completely exempted from real property taxes.
  • The current market value of all real property you owned, such as houses, garages, and land, was $85,000 or less.
  • Additionally, you meet all the conditions listed under either Homeowners or Renters below.
Homeowners
  • You or your spouse paid real property taxes.
  • Any rent you received for nonresidential use of your residence was 20% or less of the total rent you received.

Renters

  • You or a member of your household paid rent for your residence.
  • The average monthly rent you and other memebers of your household paid was $450 or less, not counting cahrges for heat, tax, electricity, furnishings, or board.

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