You may need to include the refund as income on the next year’s tax return.
or real estate taxes in one year and get a refund of part or all the payments in the next year, you must include the refund as income on the next year’s tax return if there was a tax benefit to the deduction, said Bernie Kiely, a certified financial planner and certified public accountant with Kiely
Capital Management in Morristown.because it was greater than your list of itemized deductions,” he said. “Since you took the standard deduction there was no tax savings from state income or real estate tax deduction.”he said, so you do not have to include the refund or rebate in the subsequent year’s tax return.
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