Illinois Property Tax Credit Question on condominium parking lot

Forum|Forum|2 years ago
February 25, 2024
1 reply
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I am filing my property tax information with IL state tax return. I own a condominium with adjacent condominium parking lot that I purchased separately but use as residential purpose. I receive separate tax PIN number for this parking lot. (Total, I receive two tax PINs - one for home, one for parking lot).

On my 1098 I received from my mortgager, both are included together as total real estate property tax.

Do I include this parking lot PIN under "Adjoining lot if included in property tax." ?

If so, on the next page, do I have to deduct the parking lot tax ($536) under "Property taxes NOT on residence"?

Illinois property tax credit says "Property tax paid on separately-deeded condominium
parking spaces." should NOT be included "What may not be included when I figure a
property tax credit?"

However, it also says " Property tax you paid on an adjoining lot to your principal
residence, if it is used for residential purposes. " CAN be included for property tax credit.

I use the parking lot residentially, but I am also not certain what "separately deeded" means- I purchased this lot with the home together, and it was included in the sales price. How should I proceed?

RobertB4444

Since this parking space is a part of your condo it should be included in your property tax deduction. You can enter the two (since you have two PINs) as though you had two residential properties. If this were a rental situation there would be a different answer.

@amhm8990

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