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Handle property-tax rebates with care

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in Small Business Tax

Don't trip over the tricky tax rules for property-tax rebates. The IRS just clarified that refunds distributed under property tax programs are generally subject to income tax if you claimed an itemized deduction for tax paid in the prior year. But rebates are tax-free for taxpayers who claimed the standard deduction for that year or used a rebate to reduce tax owed in the same tax year. (IRS chief counsel advice 200504027)

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