If you received an ANCHOR rebate in 2024, you're probably wondering how it impacts your tax return. The Affordable New Jersey Communities for Homeowners and Renters (ANCHOR) program is a state rebate designed to offset property taxes for eligible residents.
So, is the ANCHOR rebate taxable? The good news is that the rebate is not considered taxable income for federal or New Jersey state tax purposes. That means you do not need to report it on your 2024 return, but keeping a record is still a smart idea in case of any questions later.
With programs like ANCHOR evolving every year, My Tax Fella keeps clients up to date and helps them maximize every opportunity to save.
