Form It 214 PDF Details

Form IT 214 is an information return that is filed by a taxpayer who has disposed of or acquired certain property during the taxable year. The purpose of Form IT 214 is to report the taxable gain or loss associated with the disposal or acquisition of property. In order to complete Form IT 214, taxpayers will need to know the basis and proceeds of the disposed or acquired property. Generally, taxpayers must file Form IT 214 if they dispose of any capital asset, including real estate. Let's take a closer look at what exactly is included on Form IT 214 and how taxpayers can prepare this form correctly.

Here is the data about the form you were looking for to fill out. It will tell you just how long it should take to finish form it 214, what fields you need to fill in, etc.

QuestionAnswer
Form NameForm It 214
Form Length3 pages
Fillable?Yes
Fillable fields106
Avg. time to fill out22 min 1 sec
Other namesit 214 2020, it 214 form 2020 printable, it 214 form pdf, new york it 214

Form Preview Example

Department of Taxation and Finance

Claim for Real Property Tax Credit

For Homeowners and Renters

Tax Law – Section 606(e)

Step 1 – Enter identifying information

IT-214

Your first name

MI

Your last name (for a joint claim, enter spouse’s name on line below)

Your date of birth (mmddyyyy)

Your Social Security number

 

 

 

 

 

 

 

 

 

Spouse’s first name

MI

Spouse’s last name

 

Spouse’s date of birth (mmddyyyy)

Spouse’s Social Security number

 

 

 

 

 

 

 

 

 

Current mailing address (number and street or PO box)

 

 

Apartment number

New York State county of residence

 

 

 

 

 

 

 

 

 

City, village, or post office

 

 

State

ZIP code

Country (if not United States)

 

 

 

 

 

 

 

 

 

 

Street address of New York residence that qualifies you for this credit, if different from above

 

Apartment number

You must enter date(s) of birth

 

 

 

 

 

 

 

 

and Social Security number(s)

 

 

 

 

 

 

 

 

above.

City, village, or rural route

 

 

State

ZIP code

 

 

 

NY

Step 2 – Determine eligibility (For lines 1 through 6, mark an X in the appropriate box.)

1 Were you a New York State resident for all of 2020?..................................................................................

2Did you occupy the same residence for at least six months during 2020?..................................................

If you marked an X in the No box on line 1 or 2, stop; you do not qualify for this credit.

3 Did you own real property with a current market value of more than $85,000 during 2020? ......................

4 Can you be claimed as a dependent on another taxpayer’s 2020 federal return?......................................

5Did you reside in public housing, or other residence completely exempted from real property taxes in 2020? (see instr.) If you marked an X in the Yes box on line 3, 4, or 5, stop; you do not qualify for this credit.

6 Did you live in a nursing home during 2020? (If you mark an X in the Yes box, see instructions.) ......................

7Complete below for the qualifying household member 65 or older (see instructions).

1

2

3

4

5

6

Yes

Yes

Yes

Yes

Yes

Yes

No

No

No

No

No

No

A – First name

Last name

B – Social Security number

C – Date of birth

(mmddyyyy)

8Complete below for all household members not included on line 7 (submit additional sheets if needed; see instructions).

A – First name

Last name

B – Social Security number

C – Date of birth

(mmddyyyy)

214001200094

For office use only

Page 2 of 3 IT-214 (2020)

Step 3 – Determine household gross income

Enter the total of all amounts, even if not taxable, that you, your spouse (if married), and all other household members received during 2020.

9

Federal adjusted gross income (see instructions)

9

.00

10

New York State additions to federal adjusted gross income

10

.00

11

Social Security payments not included on line 9

11

.00

12

Supplemental Security Income (SSI) payments

12

.00

13

Pensions and annuities (including railroad retirement benefits) not included on lines 9 through 12

13

.00

14

Cash public assistance and relief

14

.00

15

Other income

15

.00

16

Household gross income (add lines 9 through 15; see instructions)

16

.00

 

If line 16 is more than $18,000, stop; you do not qualify for this credit.

 

 

 

17

Enter rate from Table 1 (see instructions)

17

 

 

18 Multiply line 16 by line 17 ...........................................................................................................................

18

.00

Step 4 – Compute real property tax

Renters

19

Enter the total amount of rent you and all members of your household paid

 

 

 

.00

only

 

during 2020. (Do not include any subsidized part of your rental charge.)

19

20

Adjusted rent – If line 19 includes charges for:

Enter on line 20

 

 

 

 

 

 

 

heat, gas, electricity, furnishings, and board

50%

(.5) of line 19

 

 

 

 

heat, gas, electricity, and furnishings

75%

(.75) of line 19

 

 

 

 

heat, gas, and electricity

80%

(.8) of line 19

 

 

 

 

heat or heat and gas

85%

(.85) of line 19

 

 

 

 

 

.00

 

 

none of the above

100% of line 19

20

 

 

Average monthly adjusted rent (divide line 20 by the number of months you paid rent)

 

 

 

21

21

.00

 

 

If line 21 is more than $450, stop; you do not qualify for this credit.

 

 

 

 

 

 

 

22

Multiply line 20 by 25% (.25); enter here and on line 28

..................................................

 

22

.00

 

 

 

 

 

 

 

 

Homeowners

 

 

 

 

 

 

 

23

Real property taxes paid during 2020 (see instructions)

 

 

23

.00

only

 

 

24

Special assessments

 

 

24

.00

 

 

 

 

25

Add lines 23 and 24

 

 

25

.00

 

26

Exemption for homeowners 65 and over (optional - see instructions)

26

.00

 

27

Add lines 25 and 26; enter here and on line 28

 

 

27

.00

 

 

 

 

 

 

 

 

214002200094

Your Social Security number

IT-214 (2020) Page 3 of 3

Step 5 – Compute credit amount

 

28

Renters: Enter amount from line 22. Homeowners: Enter amount from line 27 (see instructions)

28

 

If line 28 is zero or less, stop; no credit is allowed.

 

29

Enter amount from line 18

29

 

If line 29 is equal to or more than line 28, stop; you do not qualify for this credit.

 

.00

.00

30Subtract line 29 from line 28........................................................................................................................

31Multiply line 30 by 50% (.5) (However, if you entered an amount on line 26, multiply line 30 by 25% (.25).)

32Credit limit (see instructions; enter amount from chart) ......................................................................................

33Enter the amount from line 32 or 31, whichever is less. This is the credit for your household. ..........

(If more than one member of your household is filing Form IT-214, see instructions.)...........................................

•If you are filing this claim with your New York State income tax return:

Enter the line 33 amount on Form IT-201, line 67.

•If you are not filing this claim with a New York State income tax return (see instructions):

Mark one refund choice:

 

direct deposit (fill in line 34) - or -

 

paper check

30

31

32

33

.00

.00

.00

.00

Step 6 – Enter account information for direct deposit (see instructions)

If the funds for your refund would go to an account outside the U.S., mark an X in this box (see instructions) .......................................

34Direct deposit (see instructions): Complete the following to have your refund deposited directly to your bank account.

34a Account type:

34b Routing number

Personal checking - or -

Personal savings - or -

34c Account number

Business checking - or -

Business savings

Third-party

designee? (see instr.)

Yes No

Print designee’s name

Designee’s phone number

 

(

)

 

 

 

Email:

Personal identification

number (PIN)

▼ Paid preparer must complete ▼

Preparer’s NYTPRIN

NYTPRIN

(see instructions)

 

 

 

excl. code

 

 

Preparer’s signature

 

Preparer’s printed name

 

 

 

 

 

 

 

 

 

 

Firm’s name (or yours, if self-employed)

 

 

Preparer’s PTIN or SSN

 

 

 

 

 

 

Address

 

 

Employer identification number

 

 

 

 

 

 

 

Date

Email:

▼ Taxpayer(s) must sign here ▼

Your signature

Your occupation

Spouse’s signature and occupation (if joint claim)

Date

Daytime phone number

 

(

)

Email:

•If you are filing a NYS income tax return, submit this form with your return.

•If you are not filing a NYS income tax return, mail this form to:

NYS TAX PROCESSING, PO BOX 15192, ALBANY NY 12212-5192.

214003200094

How to Edit Form It 214 Online for Free

There's nothing troublesome concerning filling in the it 214 online once you begin using our PDF editor. By taking these simple steps, you'll get the fully filled out PDF in the minimum time period you can.

Step 1: The first thing is to select the orange "Get Form Now" button.

Step 2: Now you are on the form editing page. You may enhance and add text to the form, highlight words and phrases, cross or check particular words, include images, insert a signature on it, erase unrequired fields, or remove them altogether.

Complete the it 214 online PDF by entering the information required for each individual section.

completing form it 214 part 1

Type in the appropriate data in the field Lastname, B, Social, Security, number C, Dateofbirth, mm, dd, yyyy B, Social, Security, number Lastname, C, Dateofbirth, mm, dd, yyyy and For, office, use, only

part 2 to entering details in form it 214

You may be required to note the details to help the system prepare the area Multiply, line, by, line Step, Compute, real, property, tax Renters, and only.

part 3 to completing form it 214

You need to list the rights and responsibilities of the sides within the Multiply, line, by, enter, here, and, online only, and Homeowners part.

form it 214 Multiplylinebyenterhereandonline, only, and Homeowners blanks to insert

End up by analyzing the next areas and completing them as required: Your, Social, Security, number IT, Page, of Step, Compute, credit, amount Enter, the, line, amount, on, Form, IT, line Mark, one, refund, choice direct, deposit, fill, inline and paper, check

stage 5 to entering details in form it 214

Step 3: Press the Done button to save the document. Then it is accessible for transfer to your device.

Step 4: To protect yourself from any kind of difficulties down the road, you should generate minimally several copies of the form.

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