I live in MD but own a summer home in NY. The home is not all-season and thus I am considered a non-resident of NY. I have a mortgage on the home and earned $13.06 in interest on my escrow from a NY bank and somehow thus owe $1 in tax to NY. My federal AGI is approx. $220k. I had some work done on the summer home that qualified for the Historic Preservation refundable tax credit and have all the approved paperwork. The credit is refundable in full if your NY AGI is less than $60k; if more than $60K you are ELIGIBLE to carryover the credit to additional years. The problem is, NYS is saying yes, I qualify for the credit, but since my NY AGI is over $60k, I have to carryover the balance of the credit to next year (basically, the entire credit minus $1). As I am a nonresident, I will never have enough income tax to get this credit, which makes no sense. The tax credit is through the NYS Parks Dept and they claim to not know the answer; the NYS tax dept admits they don't know either, but as it stands, I'm not going to get the credit. Can anyone help or provide any insight on this?
