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Questions tagged [new-york]

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

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1answer
43 views

Switching last year's New York State income tax return to part-time resident?

I am a US citizen who in 2018 worked in the Netherlands for a Dutch employer. I left the USA in October 2017 and went back to NYC only for 31 days in 2018. I don't own any house and my last apartment ...
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2answers
56 views

Allowances for New York State W4 form

Why is it that you can't allow yourself as an allowance in the NY state form? In my case, I put the number of allowances as 1 in the federal W4 form and 0 in the NY state W4 form. Is this normal? Or ...
2
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1answer
59 views

Does the custodian get removed from a UTMA Account when the minor is emancipated?

I have a question about the UTMA rules. If the minor (age 19) gets emancipated through marriage, does the original custodian get removed? Or how does emancipation effect the UTMA account?
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1answer
54 views

What is the sales tax for businesses in New York state?

I got a bill for an expensive item sold to me in upstate New York near Syracuse. The sales tax was 8.5%. I read a sales tax guide by New York City Department of Finance that seems to say that the ...
2
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1answer
64 views

NYC - Does New York City tax scale similar to Federal taxes?

As far as I understand it: If I make 5k yearly versus making 50k yearly I fall into a different federal tax bracket and the amount I'm taxed becomes modified (this is the simple explanation). ...
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1answer
72 views

New York, Rental Apartment in Chinatown has issues with Gas Connection. Can I get rent abatement

I live in a rental apartment in Chinatown, New York area. My building had its gas turned off by ConEd because of a faulty pipe. Talking to the super, it seems the landlord as no immediate plans to fix ...
5
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1answer
221 views

What are good money making ideas for teenagers in the city? [closed]

we are 3 teens in the city looking for ideas to make money. We are minors enrolled in a good school. We are interested in filling our free time but make money during it. Here are some of our ideas -...
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1answer
76 views

Tax returns while working in 2 states

Situation: NYC Resident Work 1-2 days a week in NYC Work 4 days a week in CT Employer is taking taxes of my paycheck to both states which sums up to about 40% in taxes Questions: I was reading that ...
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1answer
81 views

How to sell unregistered car to out-of-state buyer?

Apologies if this is the wrong place for this question, but I came here based on this meta post. I have a car that has been sitting in a friend's garage in NJ for about a year, unregistered. It was ...
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1answer
1k views

Broker charging 15% on leasing a no fee apartment in NYC. Can he do this?

I am going to sign a lease on a no fee apartment in NYC and my broker is charging me 15%. Can he do this? I thought no fee means the landlord/management company pays the broker? Please advise.
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2answers
229 views

State tax when living in WY and working 100% remotely for a NY company?

If I live in Wyoming but work 100% remotely for a company in New York City, do I have to have withheld or pay NY state income taxes? Note that Wyoming has no income tax. When I say 100% remote, I ...
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1answer
82 views

The state tax I owe from my return has not been taken - how should I proceed?

I submitted my New York State resident tax return close to 6 weeks ago. I filled the form (IT-201) on my computer, printed and signed, and then put it in the mail in a random mail box in Manhattan. I ...
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2answers
457 views

Make 100k, how much mortgage can I get in NYC?

I make a little over 100k a year in nyc as a programmer and have 200k saved up. I'm looking to get a mortgage to buy a condo in lower Manhattan sometime in 2019-2020. How much of a mortgage can I ...
2
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1answer
333 views

Does an extended stay hotel qualify as “living quarters” for New York tax form IT-203?

I was in New York City for about 3 months last summer for an internship. During that time, I lived in an extended stay hotel (in NYC). Item H of the New York tax form IT-203 asks whether I "had ...
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1answer
163 views

Can I e-file my NY tax return for free if I made over $66,000?

I am trying to file my New York state tax return as cheaply as possible. I have already e-filed my federal return for free. I see on https://www.tax.ny.gov/pit/efile/other-efile-options.htm the ...
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2answers
147 views

What's the best frugal way to move from CA to NY?

What's the best frugal way to move from CA to NY? I am not moving furniture and I plan on driving my car, a prius, across country. I mainly have clothes, shoes, some small odds and ends, and ...
8
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2answers
2k views

Am I required to file taxes on an LLC that made no money?

I live in NY and created my LLC in November 2017. I didn't have any revenue for the two months of activity. Am I required to file taxes for 2017 on that LLC? I can't imagine that they would want to ...
1
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1answer
108 views

New York tax forms and software incompatibility

This is either a where-to-download question or a software question. The federal tax forms can be filled out with free Foxit pdf software. One can easily save the basic data in an XML file and import ...
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3answers
209 views

Saving for a New Home

My wife and I are saving for a new home in NYC. The only debt we have is a student loan (about $26k left at 3%). We have $47k in the bank and our Household Income (HHI) is about $300k. We owe just ...
1
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1answer
95 views

Is NY sales tax applicable to visitor

I am going to stay in NY for a week and I will buy few electronics. This will be a around $15.000. I would like to know if I need to pay sales tax; or I am exempt from paying the sales tax as I don't ...
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0answers
39 views

Live in NY but work remotely for a company in Virginia. Which 529 plan can I deduct taxes?

I live in NY and I just started working remotely for a company in Virginia. I will not be moving to Virginia. I've been contributing to my NY 529 plan since I can get a state tax deduction on it. ...
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2answers
507 views

Raised 100k on a gofund.me campaign to teach a hands on electronics repair workshop for the next few years. How do I pay taxes?

I managed to raise 100k on a gofund.me campaign to teach a hands on electronics repair workshop. This amount lets me do workshops at least twice a month for the next 3+ years. Since I received this ...
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5answers
16k views

My tax refund is exactly $3000. Did I hit a cap?

My tax refund this year will be $2,043 from the federal government, and $957 from New York State. That comes out to exactly $3000. I figure the chances of that happening are pretty low. Is there some ...
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1answer
67 views

How to report paying having paid estimated tax?

On 12/26/2017 I paid x dollars to New York state as an estimate of what I owed for 2017. After going through the turbo tax flow, it shows my state tax balance as x. Is there any way to tell turbotax ...
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1answer
897 views

How to file with both a W2 and W2c?

My employer sent me an incorrect W2. I then received a W2c. The W2c has empty fields that are filled on the W2. For example: Box 16 has previously reported and corrected. But Box 17 is blank. My ...
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1answer
1k views

Discrepancy in W2 form's state tax (resident of one state; worked in another state)

I am a resident in NY who worked in NJ for less than 4 months and then came back to NY. In my W2, my state wages (field 16 in W2) for NY and NJ state doesn't add up to the total Federal income. It is ...
3
votes
3answers
433 views

Does the increase in the Child Tax credit affect the Empire State child credit as well?

NY state has a tax credit called the Empire state child tax credit. According to the description of this credit on the NY state department of finances website If you claimed the federal child tax ...
3
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3answers
230 views

US/NY: Benefits of paying SALT before 12/31

I'm a resident of New York City. An accountant mentioned that I should consider paying state and local income tax on income earned in year 2017 before the end of 2017. I don't remember the reasoning ...
4
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1answer
96 views

Does the address on a W9 matter? IE for state taxes?

I have a PO box in CA where I have been receiving mail, and wish to continue to as I don't have a stable address in NYC where I live. When I send clients a W9, would it be an issue to use a CA ...
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2answers
65 views

Incentive Stock Option (ISO) tax question - more specific this time

Here's the scenario: I live and work in New York City. On November 1, 2017 I get granted 80,000 ISO's that vest over four years (with a one year cliff). The strike price is $3. On November 1, 2018 ...
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3answers
171 views

Tax implications of exercising ISOs and using proceeds to exercise more ISOs

On November 1, 2017, I am granted 80,000 ISOs that vest over four years (with a one year cliff). The strike price is $3. On November 1, 2018, 20,000 of the options vest. The FMV has grown from $3 to $...
8
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2answers
2k views

Is it better to trade a car in and save on taxes or sell a car to a private party?

So my mother has a 2012 Toyota, and she is not really into it. She is short and it has poor visibility. I want to get her a 2014 Subaru or CRV but I'm trying to figure out what the best approach is. ...
0
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1answer
79 views

Marketplace insurance won't process claims for terminated policy

I seeking help for issues I have with a health care policy I subscribed thru the New York State Marketplace. I lost my job on April 15 (job policy end date was April 30) so I started looking for a ...
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0answers
169 views

Do I have to pay New York state tax? Freelancer with New York LLC, living in Florida

I'm a freelance software developer working from home. I work through a single-member LLC registered in New York. I previously lived in New York and paid New York state tax, but I have moved to Florida....
3
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2answers
230 views

If I have a credit card under my name, but it's my husband's account, does it automatically mean I'm liable for the credit?

My husband has a credit card (under his name - the account was not opened jointly). He had the bank issue an extra card in my name. However, I never signed any documents to become the account owner. ...
4
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0answers
2k views

NY State Sales Tax on Lease Transfer

I am hopeful that someone can help me understand New York State (NYS) Sales Tax with regards to a lease take over, in what seems to be paying tax twice. So here is the scenario: Person A leases a ...
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2answers
131 views

Do I need an accountant when starting a business? [NYC]

My wife and I are going to pull the trigger in NYC in the next coming months. I'm attending a few SBA classes in my area and whatnot. I consider myself very good with money in general, and I ...
10
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1answer
378 views

Can I use an IRA to avoid the ACA subsidy cliff?

We are close to the 400% of the federal poverty level border for ACA and CHIP (NY Child Health Plus). Based on my understanding, if we make just $1 over the limit, we will end up owing a significant ...
16
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3answers
4k views

Is the beneficiary of life insurance responsible for the debt?

My mother and father were going through a divorce, but it wasn't final at the time of her death. She had made me her sole beneficiary. Am I responsible for any of the debt my parents had?
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1answer
118 views

Inherited Annuity Income

My father recently passed leaving a annuity to my brothers and me. I made a mistake of taking a full withdrawal without consulting a professional a month ago. It was had federal taxes withheld, but ...
4
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1answer
155 views

Why do I have to pay taxes to NJ when my company is located in NY and I live in NY?

I live in New York State, I am hired by my company and registers to the NY office. I am on an assignment in New Jersey and conduct physical work at our client locations in NJ and NY. Why am I paying ...
0
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1answer
89 views

RP-467 Senior Tax Exemption, do you need to submit your tax returns?

I am trying to file a form RP-467 for the Senior Citizen tax exemption for a family member. The instructions say that the deadline is March 1st, and that you need to include your tax returns. The tax ...
1
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1answer
4k views

Filing State Tax Returns as an Out-of-state College Student

I have a permanent residence in Pennsylvania, and I attend college in New York. Currently, I earn no income in PA, but I do have a job on-campus. My question is this: which state tax return(s) should ...
5
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2answers
953 views

What does it mean to “get health insurance to avoid a tax penalty”?

I am in NYC. I received an advertising mail from Healthfirst. On its envelope, it says: Urgent: Get health insurance for 2017 now to avoid a tax penalty. What does it mean, and why? In 2016, I ...
5
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3answers
315 views

Unmarried couple buying home, what are the options in our case?

Background My partner and I (not married, but together for years and in it for the long-term) both share many of the same goals and all of the same criteria for wanting to own a home. It's worth ...
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0answers
77 views

App Store Taxable Sales, US

Trying to determine "Taxable Sales" for App Store sales for Sales Tax filing purposes. As everyone knows Apple or Google take a 30% cut of all the sales, so my question is do "Taxable Sales" count ...
2
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3answers
274 views

How does the original mortgage loan holder make money?

We recently closed on a house with a primary market player and in the contract it gave the standard Your loan can be sold at any time yadda, yadda, yadda... and this is fine. Fast forward 5.5 weeks ...
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1answer
80 views

Can I get a tax break while renovating a house that is being auctioned?

Looking at a Homepath home that needs a major rehab, the house is a cash only deal, and all fixed up might be worth a decent amount of money ( 200 k or so ) but it's being sold for 60k in the current ...
0
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1answer
61 views

Can a senior collecting Social Security get a disability tax exemption?

I'm looking into some of the tax exemptions for my mother. She pays a ton in local and school taxes, so much she can barely afford it. I was reading about the disability exemption described here: ...
3
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1answer
90 views

How to decide which private student loan is right for me?

Money's a bit tight at the moment, and I've exhausted my options for state and federal financial aid (unless I'm mistaken, but that's another story). It was suggested to me that I take out a private ...