Form it 214, Claim for Real Property Tax Credit

What is an IT 214 form?

The IT-214 form is most often used by tenants and homeowners. The tax credit for real estate is available for homeowners and renters living in New York with a gross household income of less than $200,000 per year.

Another necessary condition is a household gross pay of $18,000 or less. Additionally, if all your renters are under the age of 65, your credit may be $75. With that said, if at least one tenant is 65 years or older, you can deduct $375.

This template is what you'll need if you want to claim a Real Property Tax Credit. File this document as an attachment to your New York income tax return.

How do I complete an IT-214 form?

There are three pages and six sections to complete. Be sure the information is as accurate as possible to the best of your knowledge. Here is a step-by-step guide on how to correctly fill out this form.

1. Enter identifying information (names and addresses);
2. Determine eligibility: answer the following questions:
• Were you a New York resident for at least six months?
• Did you own immovable property with a current market value of more than $85,000 during 2018?
• Did you claim anyone as a dependent on any other taxpayer’s 2018 federal return?
• Did you reside in public housing, or other residences completely exempted from real property taxes?
• Did you live in a nursing home?
3. Determine household gross pay: specify the total of all amounts (even if not taxable) that you, your spouse, and all other family members living with you received during the previous year (social security payments, supplemental security income, pensions and annuities, cash public assistance and relief, etc.);
4. Calculate all property charges: the total amount of rent you have paid and the average monthly adjusted rent;
5. Figure out the credit amount;
6. Add any account information for a direct deposit.

After the IT-214 document is signed, you can instantly send it to the recipient and save a copy for your records.