-
How do I calculate my home’s adjusted basis?
Contributed by: Joshua C., FreeTaxUSA Agent, Tax Pro If you sold your home during the year, it’s important to calculate the adjusted basis accurately when reporting the sale on your tax return. This figure determines how much gain (or loss) you realized when you sold the property — and that in turn determines whether any…
-
How do I file if I live in New Jersey and work in New York?
Contributed by KeriC, FreeTaxUSA Agent, Tax Pro Basics: New York taxes all wages earned from NY sources. For a comprehensive list of nonresident income NY taxes, see this article, “Do I need to file a New York nonresident return?”. If you have NY source income, and you’re a nonresident, a nonresident NY state tax return…
-
Do I need to file a New York nonresident return?
Contributed by KeriC, FreeTaxUSA Agent, Tax Pro If you’re a nonresident of New York state, you must file a tax return if you meet any of the following conditions: 1) You have New York sourced income from one of the following: 2) You want to claim a refund of taxes paid to New York (NY State, NYC, or Yonkers income taxes)…
-
What if my spouse lived in a different state?
Contributed by KeriC, FreeTaxUSA Agent, Tax Pro If you and your spouse lived in different states at any point during the tax year, you may need to file tax returns for multiple states. Since state taxes are based on residency status, some additional steps may be required before filing. Special rules apply for those in the…
-
What are qualified education expenses for claiming an education credit?
Contributed by: Henry, FreeTaxUSA Agent, Tax Pro Paying for higher education can be expensive — but claiming education credits, such as the American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC), may provide some relief. Whether you’re a student or have a student dependent, the IRS offers valuable…