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Questions Answered by James Daloisio
1 Answer | Asked in Tax Law for New Jersey on
Q: I filed my taxes this year , and someone claimed me on their taxes . I don’t Know how to go about this ?

Last year, I was in a government program from September 2018-May 2019. Afterwards i worked two jobs. I want to know how to go about this situation.

James Daloisio
James Daloisio
answered on Jun 17, 2020


Your situation is not uncommon.

You said you filed your taxes, so I'm assuming you mailed your tax return because if you e-filed it'd have been rejected.

If your paper return was rejected and returned to you or if you received a rejection notice, re-file...
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2 Answers | Asked in Tax Law for New Jersey on
Q: Selling my house will I be taxed based on the amount of the sale or the amount minus mortgage and capital improvements?
James Daloisio
James Daloisio
answered on May 22, 2014

It depends. If you the house was your principal residence for two of the five years prior to the date you will sell it, then you can exclude up to $250,000 of gain ($500,000 if married filing jointly). If you have not used the house as your principal residence for two of the last five years, a... View More

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1 Answer | Asked in Tax Law for Pennsylvania on
Q: I have been living alone in my parents' home for the last 4 years. Will they have to pay capital gains tax if they sell

Parents are still living. They have a home equity loan on this house. Due to a short sale in 2012, we cannot buy another home until 2015, so we moved into their old home while they bought a smaller place. I've read that they have to have lived here for 2 of the last 5 years to avoid the... View More

James Daloisio
James Daloisio
answered on May 18, 2014

Your analysis is correct: in order to exclude the tax on up to $500,000 of gain, your parents would have had to have lived in the house, as their primary residence, for two of the five years before the sale. Yes, the rule applies even though an immediate family member is now living in the house.... View More

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