Are major home improvements, such as a new roof, tax deductible?
Major home improvements will increase the value of your house but will do nothing to decrease your tax bill. Rather, these expenditures are added to the basis of the house and will reduce your capital gains taxes, if you owe any, when you sell. State taxes Q: I moved from New Jersey to New York in September. Do I need to file in both states? Am I going to pay taxes twice using the total wages reported in the federal return? A: On your federal return, you will pay taxes on the entire amount you earned. On the state returns, you will pay tax to each state based on the income in that state. You will not be double taxed. Gambling winnings Q: A friend of mine won money at a Vegas casino and wasn’t sure how the IRS comes into play. The casino did take her Social Security number. I thought there was a certain amount you can win at the casino without claiming it on your taxes. A: Don’t gamble with the IRS by under-reporting your income. All gambling winnings, however small, must be reported as
