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Do I need to claim my homestead property tax credit as income?
Do I need to claim my homestead property tax credit as income?
Yes, you must include the business portion of your homestead property tax credit which is attributable to farm buildings and farmland in your adjusted gross income in the tax year the credit was received.
However, the homestead property tax credits are not included in Michigan total household resources or household income. If you included this amount in your taxable farm income, you may subtract it from your total household resources or household income.