for questions that relate to the laws, practices, and products in the state of New York.

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3
votes
1answer
65 views

Do I need to do anything to avoid penalties or interest if the IRS expects quarterly payments but all my tax is already withheld?

In 2015, for the first time, most of my income was untaxed, so I paid all my taxes for the year when I filed. In 2016, I have been and will continue to be employed full-time with taxes already ...
5
votes
1answer
787 views

Ambulance Fees and Insurance

I recently had a medical scare that sent me to the hospital by ambulance in New York City. When the bill came due my insurer covered the emergency room visit but did not cover any of the costs of the ...
3
votes
1answer
150 views

Still list parents' house as permanent residence while renting apartment

I just graduated from college and plan on renting an apartment in NYC to commute to work in NJ. However, I've been listing my parents' home in New Jersey as my permanent residence. Can I still show my ...
0
votes
0answers
11 views

NYS taxation for out of state residents [duplicate]

I live 100% in Florida, but I have a commercial rental property in NYS. I set up a NYS sole proprietor llc that owns that property. The tenant pays all expenses including property taxes directly to ...
1
vote
2answers
61 views

How do I amend an amended tax return?

I filed my taxes early this year. Then I realized I forgot a W-2. TurboTax told me they weren't ready to process amendments yet, but I was impatient. I found a way to fill out an amendment form, so I ...
3
votes
0answers
38 views

State tax withholding election

I live in Connecticut but work in New York. My employer wants to know what state I wish to be "taxed in". I understand that CT gives a credit for taxes paid in NY. Which state should I elect to have ...
1
vote
0answers
19 views

Living in Florida working remotely - NY employer withholds NYS taxes - Correct or Incorrect? [duplicate]

This question has been asked before but the answer was inconclusive. Moving to Florida was my personal decision. My employer agreed to let me continue in the same job working remotely. NYS tax for ...
3
votes
1answer
44 views

Help Needed with scenario: Live in Florida / travel to New York what is my Tax Home, etc

My profession is licensed by NYS and I own my own business (LLC in NY). I have been afforded the following opportunity: Most of the money I earn are from municipal sources (1099) for services I ...
0
votes
2answers
102 views

NYC: Should I open a business to receive tax benefits for an app I built even if it makes close to no money?

I just made an app and put it on the app store in January. It was just a project I built on my own for fun. It has made $1 so far from advertisements, and probably won't make much money this year. ...
1
vote
1answer
87 views

What do I bring to an accountant if I own a house?

I bought a house in Dec. 2014. I wrote checks and paid both School and County taxes on it in 2015. I have the bills for these taxes. Is that enough? I went on the county property tax information ...
0
votes
0answers
31 views

NYC/NYS Tax form IT-2104

I started a new job in NYC Aug 2015. I completed a W4 and claimed 1 allowance, for "single"; and not sure what I did for state/local but I ended up owing the IRS because local taxes werent taken out ...
4
votes
1answer
53 views

529 - Grandparent/Extended Family Contribution - New York State

My first child is due in Mid - April (!!!!). I want to set up a 529 for him and I am curious if grandparents and/or extended family can contribute to it tax free? or is it a tax write off? We live ...
0
votes
1answer
104 views

Worked in two states for same company, state taxes look odd on W-2

I worked in NYC until the end of May, then moved to Maine while keeping my job as a remote worker. My W-2 has arrived and in the state withholding section it shows my full wages under New York state ...
3
votes
2answers
136 views

Cost of Title Insurance

When I've shopped around for car insurance and health insurance, there are large differences in cost and also in the type of policy. I just bought a house, and I noticed that there seems to be no ...
4
votes
3answers
212 views

Living with my parents and girlfriend, few filing questions

I'm going to be living with my parents and my girlfriend at my parents' house soon, both of us being full-time students. We wanted to do this so she wouldn't need to pay for a dorm here (NY is ...
3
votes
3answers
90 views

Budget for an Internship in NYC?

I will move in NYC in the next months as an Intern for 6 months. I will earn 1800$/month (I assume before taxes), work in Jersey City and want to live in Manhattan or Brooklyn with roommates. I have ...
1
vote
1answer
54 views

ACA subsidy while unemployed

Suppose you currently have health insurance from your state's marketplace, and you have enough income that you are not eligible for any subsidy. Now suppose you lose your job and begin collecting ...
30
votes
13answers
4k views

When buying a property without using a realtor as a buyers agent, can you build a discount of the buyer's agent commission into the contract?

I want to buy a home, but I'm not interested in using a realtor as a buyer's agent. I know that in MLS systems, when a realtor lists a house they specify what commission a buyer's agent will be paid. ...
4
votes
2answers
1k views

Do I have to pay New York City tax if I earn my salary Upstate New York?

I am an undergraduate, whose permanent address (parents' address) is in New York City, going to school in Upstate NY. I live out of NYC 10 months a year and do not work while I am in NYC. Since my ...
3
votes
1answer
196 views

Sales Tax on Apps / Digital Goods in AppStore & GooglePlay, New York

I am trying to find if I need to charge sales tax with purchase of my app from the app store. I am in NY and most of my customers and buyers are from NY as well. I am not sure what NY regulations are ...
10
votes
8answers
7k views

Paying $1000 a month to keep a car in New York City

I am 25 working in New York city making ~117k a year. After tax and various pre-tax deductions, (mta fare etc) my take home is just shy of 6k a month. I pay $1875 in rent a month for a nice ...
1
vote
0answers
357 views

I got a raise from 50,000 to 65,000, and paycheck calculator says that I should take home $867

Hi I recently got a raise and wanted to calculate how much I would take home, and I get paid weekly. If my salary is 65000, I live in NYC, and my weekly paycheck is $867, that is more than 30% of my ...
0
votes
0answers
131 views

Should I claim my rental property was not rented at fair rental value?

So for all of last year my ex-girlfriend rented out my upstairs apartment. When we first broke up she talked me into giving her a discounted rent since she was only going to stay "for a couple ...
1
vote
0answers
711 views

Did you maintain living quarters in New York?

What does the question when filing NY state taxes "Did you maintain living quarters in New York?" entail for an International student on F1 Visa who interned in NY and lived in a motel during that ...
1
vote
1answer
188 views

Can my federal adjusted gross income differ by $1 between my federal and state returns?

Background I calculated my federal taxes by hand. I kept the cents in all of my calculations (I did not round to the nearest dollar at any point). Then I used these values to calculate my New York ...
2
votes
2answers
423 views

I accidentally charged sales tax to a tax exempt client. Can I simply refund them?

I accidentally charged sales tax to a tax exempt client. I realized this as I was preparing to pay sales tax to the state. What's the correct procedure here? Do I simply send the accidentally ...
0
votes
1answer
57 views

Trading an FHA loan to bank for an REO

I hope this is the right location for this question. I couldn't find a section that better fit this question. If this is not the right place please let me know. I got a house 3 years back using an ...
0
votes
1answer
70 views

Estimated Taxes Fall Short of tax liability — how do I pay extra online (Federal and NYS)

I pay estimated taxes online; but this year my business grew so I will have to pay more. How can I do this online? Which form do I pick for Federal/NYS State?
4
votes
1answer
529 views

Is state tax based on work location or home location

I live in NJ but work in NYC. Which state tax should I pay? Is there a separate city tax as well?
0
votes
0answers
197 views

Does FL based consulting LLC have to pay NY state income tax?

An LLC is registered and based in Florida. It conducts consultations in FL for New York-based companies, wherein an employee of the NY company travels to FL for the consultation. At no point does an ...
0
votes
2answers
345 views

rental property depreciation and recapture on state taxes?

New to property rental researching and I have a good understanding on the high level of property depreciation, as well as the eventual recapture process (25% flat rate federal). My question is does ...
1
vote
1answer
140 views

I am selling my business, are there ways to (invest or spend) profit to save on tax cost?

I have multiple interests, through my broker, for the sale of my business. Are there laws that allow me to save on taxes by doing specific things with the sale money? Thank you!
2
votes
2answers
317 views

Can I retroactively get the tax assesment on my house adjusted and get a refund on previously paid taxes?

We're in the process of selling a former home. Our listing price has been sinking all along, but it is about to go below what's listed as the "assessed market value" of the home - that is, the value ...
2
votes
3answers
6k views

Live in Florida & work remote for a New York company. Do I owe NY state income tax?

I have been down in Florida for the past 3 1/2 years and continue to pay New York state taxes out of the money I earn for a company I work remote for that is in New York. Should I be paying New York ...
2
votes
2answers
4k views

Tax difference in working in New York City compared to NJ

Because of taxes, everyone says that you make less money if you work in New York City compared to New Jersey. Is there a way to estimate the difference? Edit: I should have specified that I am trying ...
4
votes
2answers
834 views

What is the proper way to hold a subtenant's rental deposit?

I have recently leased an apartment with a friend, and we've subletted out a room to another girl and collected her security deposit. I want to store it in a savings account without touching it, but ...
3
votes
2answers
308 views

Steps to buying a home

My wife and I are looking into buying a home. We are discussing home vs. co-op, I don't want the co-op I'm to worried about re-sale which I think will not exist. Basically what are some good steps to ...
5
votes
1answer
326 views

Do you have to pay New York State Income Tax if you live in New York but work remotely for a Florida based company?

If an employee lives in New York, works independently on project for a Florida based company. No state tax in Florida. Does employee have to pay New York State tax?
0
votes
2answers
688 views

How much of my losses due to investments in a LLC can I deduct?

In 2013 I invested $90k for a 20% interest in a LLC and am a material participant. The LLC reported losses of $340k in 2013 and $180k in 2014. My losses were $68k in 2013 and $36k in 2014. How ...
2
votes
2answers
115 views

Do I have to pay tax both in NYC and England?

I work in London for an English company. I will move to NYC and keep working for the same English company for a few months doing researches to open a new business, and my boss would like to keep ...
7
votes
1answer
713 views

I gave an incorrect account number to pay my income taxes

I used TurboTax to prepare and e-file my federal and New York State tax returns. I owed money on both and I elected to have the amounts debited from a savings account. When the transactions never ...
2
votes
1answer
53 views

Can I claim UI benefits in NY if I moved few months ago?

I started working in NY state in December '13, and for various reasons I'm currently unemployed. Can I still claim unemployment benefits, or 4 months are not enough for it?
1
vote
1answer
219 views

Am I allowed to change my mind about itemized deductions and IT-2104

I recently changed job, and on the IT-2104 (NY state) I had to complete there is a section 2 saying "Complete this part only if you expect to itemize deductions on your state form." Does that ...
2
votes
1answer
437 views

Does the section 1202 qualified small business stock reduce New York, Illinois, or California taxable income?

Say I sold a small amount of stock that qualifies for section 1202. Does this reduce my New York taxable income, or just the federal capital gains amount?
1
vote
1answer
119 views

Creating a personal company [closed]

I'm developing several software which will be (I hope) really useful and will find it's customers, I'm doing it all by myself. For graphical works etc. I hire freelance designers online, but ...
1
vote
1answer
284 views

Who pays the fee on a NYC no-fee co-broke apartment rental?

I know the following is true (or if it's not, please correct me!): a) If my broker shows me a place that has a fee that's listed by another broker, then they split the fee (i.e. a typcial co-broke ...
4
votes
1answer
157 views

Question about large capital gain

For recent years my income has been about $20k. I'm hopeful that this year I can sell vacant that I bought in 2001. I paid $600k and hope to sell it for about $3,000,000. I live outside the US but the ...
5
votes
2answers
456 views

I'm thinking about selling some original artwork: when does the government start caring about sales tax and income tax and such?

I've been doing some lithographic printmaking as a hobby, and I'm considering selling some artwork I have produced using this process - possibly in person, possibly with an Etsy shop. I'm not sure to ...
7
votes
2answers
448 views

What are some strategies to determine how much I should spend on rent when I have a lot of savings?

I'm fortunate enough to have saved a lot of money over the years, and have nothing specific that I'm saving for (it will be at least a few years before I start a family). This is great of course, but ...
7
votes
4answers
10k views

Which state do you pay taxes in if you work in a different state than your employer? Specifically, if you live DC and work for a company in New York?

I've been doing some research on paying state taxes while working remotely and I will be consulting a tax advisor or CPA in regards to the matter; however, I love the StackExchange and I wanted to see ...