For example, titleholders with combined gross income of $25,000 and a property tax bill of $2,500 would receive a credit of $1,750 on the following year’s tax bill, according to the city. To calculate the credit’s value, total gross income is multiplied by 3% and the product is subtracted from the property tax bill. Q: Does the $60,000 limit include the whole household?Ī: The limit applies to the total, combined gross income of all owners listed on the property’s title.Ī: The value of the credit varies, according to the titleholder’s income and their total property taxes. For the tax credit, you must reapply every year, proving that you are eligible according to income and other factors, which include living in the home (with an owner-occupant home exemption in effect) and not owning any other property. To answer another reader’s question, no, this credit does not automatically renew - it’s different from Oahu’s homeowner’s exemption. Copies of these pages must be signed by the applicant, he said.Īssuming that you made a copy of your Form 1040 before mailing it to the IRS, this solution should work for you, and others.įor more information about this Honolulu property tax credit, see the brochure at /broch and the application at /rpcapp. Applicants who filed a 2021 federal income tax return and are unable to obtain a tax transcript may submit the first two pages of their Form 1040 or the first three pages of their Form 1049-SR as an alternative, said Ian Scheuring, a spokesperson for the Honolulu mayor’s office. However, a tax transcript is not the only option for applicants seeking a real property tax credit for homeowners on Oahu, although it is preferred. The wait is up to four weeks for those who file electronically, it says. That makes it unlikely you’ll receive a tax transcript before the county’s deadline, because it takes about six weeks for a transcript to become available for someone who mails in their tax return, the IRS says. You finally received a response from the IRS this week, telling you to refile your 2021 federal tax return because it could not locate your Form 1040. You’re applying for Honolulu County’s real property tax credit for Oahu homeowner-occupants whose gross annual income does not exceed $60,000. What do I do? The deadline is coming up!Īnswer: You are one of numerous readers in this bind, waiting on the IRS for a tax transcript (which summarizes information from a federal tax return) that may be needed to apply for a mortgage, loan, financial aid or certain government benefits, as in your case. I have called IRS, written letters, checked online - nothing works and the responses are vague. The problem is that I cannot get the transcript, even though I mailed in my tax return last March and have followed all instructions since. Q uestion: I need a federal income tax transcript from the IRS to file for a property tax credit from Honolulu County.
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