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What is Wisconsin Renter's and Homeowner's School Property Tax Credit?

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Question
What is Wisconsin Renter's and Homeowner's School Property Tax Credit?

Answer

 

You may claim a credit if you paid rent for living quarters used as your primary residence OR you paid property taxes on your home.

You are eligible for a credit whether or not you claim homestead credit.

Note - You may not claim the school property tax credit if you (or your spouse) are claiming the veterans and surviving spouses property tax credit.

Special Cases

If You Paid Both Property Taxes and Rent - You may claim both the renter's credit and the homeowner's credit. The total combined credits claimed on line 22a and 22b may not be more than $300 ($150 if married filing as head of household).

Married Persons Filing a Joint Return - Figure your credit by using the rent and property taxes paid by both spouses.

Married Persons Filing as Head of Household - Each spouse may claim a credit. Each of you may use only your own property taxes and rent to figure the credit. The maximum credit allowable to each spouse is $150.

Persons Who Jointly Own a Home or Share Rented Living Quarters - When two or more persons (other than husband and wife) jointly own a home or share rented living quarters, each may claim a credit. However, the property taxes and rent paid must be divided between the owners or occupants.

 


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Article Details
Views: 1467 Created on: Jun 15, 2013
Date updated: Aug 07, 2015
Posted in: STATES, Wisconsin

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