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

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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 ...
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0answers
147 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 ...
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1answer
72 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 ...
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2answers
177 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 ...
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1answer
41 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 ...
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1answer
52 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?
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1answer
187 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?
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108 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 ...
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2answers
113 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 ...
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1answer
72 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!
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2answers
118 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 ...
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2answers
2k 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 ...
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2answers
1k 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 ...
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2answers
752 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 ...
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2answers
199 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 ...
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1answer
224 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?
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2answers
274 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 ...
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2answers
89 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 ...
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1answer
444 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 ...
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1answer
42 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?
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1answer
181 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 ...
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1answer
187 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?
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1answer
104 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 ...
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1answer
201 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 ...
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1answer
135 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 ...
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2answers
354 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 ...
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2answers
324 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 ...
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3answers
5k 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 ...
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2answers
303 views

What steps can an independent contractor take to force a company to send him his last payment?

Say a person worked as an independent contractor at firm X. Firm X is in New Jersey; he worked remotely in New York. After 7 and a half months of work he decided to end the project--a 4 days notice ...
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1answer
2k views

What happens if a collector doesn't respond to a debt validation request?

After a debt collector sends you a notice, you have 30 days to respond. If you communicate to them that you want to have the debt validated and they haven't responded over a month later, either about ...
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1answer
2k views

Domestic Partnership Health Insurance and Tax implications

My girlfriend and I are moving to NYC. She is self employed and comparable health insurance in NY will cost her 2x as much as in Texas, where we are now. If we register as domestic partners it seems ...
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2answers
164 views

Does business income generated while physically present in NY count as New York Source income?

Question Is some or all of any business income generated from my Wyoming business qualify as New York source income while I'm physically present in NY? Background I run an IT consulting firm (LLC ...
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1answer
89 views

Does my wife need to sign IT-203 (NY state return) if I supply IT-203-C?

I was preparing NY state return for 2012 using H&R Block TaxCut and I noticed a new option (never noticed before) for a joint return where only one spouse has income from NY source. I selected ...
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1answer
2k views

What to fill out for NY State & City on IT-2104 for single person?

My daughter is starting a new full time job in NYC. She lives in Brooklyn. She owed NY State taxes. How should she fill out the IT-2104. Should it just be single 0 exemptions? Why would it be ...
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2answers
204 views

(Almost) no credit unions in New York City, why?

After relocating from the West Coast to New York City, I was surprised to find major banks on every street corner, but only very few credit unions. And of the few ones, many aren't even open to the ...
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1answer
452 views

How to set up my business as a self-employed contractor

I am a full time employee in New York City who does contract work on the side. Next year, I would like to set up a business for myself for this, with the expectation that I might become a full-time ...
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1answer
4k views

New York State Tax allowances (IT-2104 2012 vs 2011)

I have recently changed a job and trying to figure out how to fill-in the IT-2104 form for my new employer. The biggest problem for me is that I cannot understand the amount of allowances to claim ...
3
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1answer
313 views

Do classes have to pay sales tax on materials used?

My friend teaches flower classes, a portion of the total amount charged goes for materials and a portion goes for the actual teaching of the class. If a typical class costs someone $100, $50 of that ...
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2answers
366 views

Hiring a teenager as a household employee

What am I required to do if I hire a 14-year-old for household work? Any generic information is welcome, but I'm in New York State. Here are some things that come to mind: Do I need to have the ...
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3answers
4k views

Travelled to New York State & bought something. Can I get sales tax refund back?

I drove to Buffalo, NY over the weekend with some friends, and I bought myself a shiny new Apple iPad. I had to pay New York State sales tax at the Apple Store, as well as declare my iPad purchase at ...