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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 10114
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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I am filing a NYS personal Income tax form in which I had a

Customer Question

I am filing a NYS personal Income tax form for 2011 in which I had a foreclosure on my personal residence. I filed the federal return and filled out Federal Form 982,,there was a $49,000 charge off and I did not have to pay on my Federal return. NYS states I owe them $22,000, I forgot to file my state return, I can not find any form for NYS to show my foreclosure to prove that it was not real estate income from sale. Please tell me what I need to file with my return.
Submitted: 1 year ago.
Category: Tax
Expert:  Lane replied 1 year ago.

Hi,

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New York is one of the many state's that uses Federal AGI as it's starting point.

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Because the form 982 filed with your federal return allows you to exclude (not include the Cancellation of Debt income on line 21 at all) the income ... your Federal AGI would already have that reduced (debt income excluded from) income.

Expert:  Lane replied 1 year ago.

You should use the Federal return (and send in a copy along with form 982) to show that the COD income was excluded

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Make Sense?

Expert:  Lane replied 1 year ago.

If you used, say, turbo tax (or one of the other packages) to do the federal return ... that income will simply not flow TO the state return because it would not be in your AGI, (because it would not have ever been entered ON the 1040) ... the 982 is the answer to why you do not INCLUDE the income on the 1040

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Hope this helps

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Let me know if you have questions

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Lane

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If this HAS helped, and you don't have additional questions on this, I'd appreciate a positive rating (by clicking the stars or smiley faces on your screen) ... that's the only way I'll be credited for the work here.
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Expert:  Lane replied 1 year ago.

Did you see my answer?

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Do you need more here>

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Let me know

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Lane

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