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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 13330
Experience:  15years with H & R Block. Divisional leader, Instructor
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I have a client thats over the age of 65. She lives in NYC.

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I have a client thats over the age of 65. She lives in NYC. She owns a coop.What credits are available to her as a coop owner. She has filed her 2015 IT201 and had no liability and received a $63 refund.
Submitted: 7 months ago.
Category: Tax
Expert:  Robin D. replied 7 months ago.
HelloThere are two types of STAR exemptions. Owners who are aged 65 or older, with a combined income of $84,550 or less (increased annually for cost-of-living adjustments) are eligible for the Enhanced STAR exemption. The Enhanced STAR exemption is worth $65,300 in full value assessment (2016-2017 school year). Secondly, owners who occupy their primary residences and whose total income is less than $500,000 are eligible for the Basic STAR exemption. The Basic STAR exemption is $30,000 in full value.Real Property Tax Credit (IT-214) Provides tax credit or cash payment of up to $375 to homeowners or renters for part of previous year's rent or real property taxes. To qualify, current market value of the property must be $85,000 or less; or average monthly rent must be $450 or less, not including heat, gas or electricity. Age: Any age Income: Limit -- $18,000 Assets: No limits Note: Can file for 3 years retroactively. To qualify, it is not necessary to have filed a tax return for the preceding year. You can fill out the IT-214 application and print a copy online at www.tax.state.ny.us. In addition to the IT-214 benefit, you may also claim the City of New York School Tax Credit (NYC-210) for all or part of the year if you cannot be claimed as a dependent on someone else’s Federal income tax return. If you do not have to file for a New York State income tax return, use the form NYC-210 to claim this credit. The New York City enhanced real property tax credit may be available to New York City residents who have household gross income of less than $200,000, and pay either real property taxes or rent for their residences. The credit can be as much as $500. If the amount of the credit is more than your tax for the year, the excess is treated as an overpayment of tax to be credited or refunded without interest. Form IT208