Received property tax refund for my rental property this year because I overpaid last year. What do I do?
Hello,
I received a property tax refund for my rental property this year (2024) because I overpaid in the prior year. I live and work in Illinois. How do I enter this refund into my taxes this year? Do I treat it as "Other Income"? Do I reduce the 2024 property taxes paid by the refund amount? I would appreciate any help you can offer.