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
51 views

NY state tax when living in NY and working 100% remotely for a company in WA

I got taxed for NY state(when residing in NY state) and working for a IT company in WA state(WA is my work state). Notes: I lived in NY for less than 184 days. 1 Jan 2020 - 15 March 2020 - India - ...
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0answers
164 views

What is “decoupling from IRC” in NYS Tax 2020 line 19a

NYS Tax 2020 Line 19a says "Recomputed federal adjusted gross income" (see page 16 line 19a worksheet) I go to the worksheet and it says Line 19a – Recomputed federal adjusted gross income ...
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0answers
20 views

NY State Tax Return - Maternity Leave Income (Insurance) From NY State Work Place While living out of state?

When filing for NY State taxes, filing as a non-resident, whom worked 130 days in NY state, but half way through the year, went on maternity leave, not being paid from the NY Workplace, but getting ...
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1answer
61 views

Can I file state taxes for two states (MA,NY), claiming to be a non-resident at both?

MA requirement for a full year resident is living in the state for more than 183 days, while in NY the rule is that a full year resident is someone who lived there for more than 184 days. If a person ...
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1answer
22 views

How do I reflect Stock Profit and Dividend in New York State Tax 2020

Please help me I googled how to reflect stock profit and dividends for New York State tax, but it led me to New York State tax website I was unable to understand. Few days ago I called New York ...
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0answers
21 views

Question about NY non-resident K-12 withdrawal from 529 accounts

I live in NJ, work in NY so file both NJ resident and NY non-resident returns. I have a NY 529 account that I think NY state will tax (prorated) earnings if I withdraw for private school. Can I open a ...
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0answers
20 views

Non-resident? NY state and NYC taxes while living 8 months outside US

When pandemic broke out, I was outside US and stayed outside for the entire 2020. I worked remotely all time. I've been employed by a company with NYC headquarters. Am I right I'm considered a non-...
3
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1answer
38 views

Will capital gains from one state offset capital losses from another state?

I moved in the middle of the year. I made capital gains from stock sale while living in NYC and then had capital loss from stock sale after I moved to NJ. Usually I could offset capital gains with ...
2
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1answer
67 views

I am a single member LLC. I am most likely going to have a business loss this year 2020. What do I need to know to report a loss?

I run a small repair shop in NYC and this year 2020, I will need to report a loss. I never reported a loss before so I'm not sure if my knowledge of it is out of date or not. I read that for 2020 ...
1
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1answer
340 views

Asking for my phone number while offering hard-to-believe low rent in Manhattan — is this a potential rental scam?

Today, I responded to a couple of Craigslist ads for rentals in the heart of Manhattan, NYC, where I currently live. The rent advertised is about half of what I currently pay, so naturally I am ...
3
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1answer
160 views

How do I prepare for a potential furlough on my salary?

Today I heard a rumor in the office that we might be seeing a salary furlough coming within the next few months. Normally I don't pay much attention to the rumor mill, but this rumor has some ...
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1answer
76 views

Which NYS employee taxes are optional?

United States and NY state here. I'm looking at my paystub and under Employee Tax Witholdings I'm seeing the following line items taken out: Federal Income Tax Social Security Medicare NY State ...
2
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0answers
43 views

Can 501(c)(7) members buy optional goods and services from the social club, where other members might abstain?

I understand that, typically, 501(c)(7) ("social clubs") charge their members dues. However, after reading the IRS's documentation, I am not clear about their stance on members voluntarily ...
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0answers
40 views

Benefits of identifying as 501(c)(7) versus just regular non-profit?

United States/NYS here. My understanding is that nonprofit corporations do not have to pay any federal or state taxes, only file a Form 990. My understanding is that a 501(c)(7) is a special tax-...
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1answer
330 views

Can a 501(c)(7) receive external donations from non-members?

United States/NYS here. Can a 501(c)(7) tax-exempt nonprofit ("social club") receive outside/external donations from non-members (individuals or businesses alike)? For example: lets say ...
1
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2answers
40 views

COBRA eligibility and plan transfer

United States (NYS specifically) here. I am in somewhat of a unique position. I have a W2 (salaried) job that has full health, dental and vision benefits, and I have lined up another W2 job (full time,...
2
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1answer
53 views

Making equity investment of personal money to LLC

NY state here. I have a very small single member, member managed (I'm the member) LLC that has elected to be taxed as an S-corporation (this might be important). The LLC is running a little light on ...
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1answer
53 views

Reducing tax obligation for LLC electing S-corp taxation

United States here, specifically NY state (if it makes a difference). Say we have a super small, 1-man member-managed LLC that has elected to be taxed as an S-corporation. This way, the 1-man member ...
2
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1answer
517 views

I suspect an investment I made is run by a scam artist, what can I do?

I have to admit, greed overcame me - and made some questionable investment choices with a person who I think is a scam artist. I gave $12.5k, I have not given banking information. The scammer asked me ...
4
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1answer
180 views

Do I have to put 20% down on a condo so that I don't have to live in it for 1 year before renting it out to tenants?

I really want to purchase a condo and rent it out to tenants for some extra cash flow here in Queens, NY. I contacted a mortgage loan officer and he told me that I HAVE to put 20% down if I decide not ...
26
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5answers
9k views

I just paid off my car - should I release my Credit Union's lien on the car?

We just came upon a windfall significant enough to pay off our car loan - so I did. My Credit Union just sent me a letter describing the way in which I can remove them from the lien. From the letter:...
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1answer
30 views

NY State retirement withdrawal and management

My wife worked for ~4 yrs at a school in NY. She was entitled to a retirement package. It states that she as a contribution balance of $4,477. She does not want to go back to work as we are raising ...
2
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2answers
156 views

Do Mineral Rights stay with the original land owner through death or can the current land owner retrieve them?

My husband and I are looking to purchase a hundred acre property in Western NY. The current owner says the original owner is receiving payment for gas mineral rights associated with the 100 acre ...
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0answers
76 views

Check Cashed By someone else [duplicate]

I am facing one weird situation. I am about receive check for my kid’s summer camp refund. Summer camp agency issued a check and it was never delivered to me. When I contact them they said its ...
2
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0answers
99 views

Roommate/co-tenant said she would renew but lied after I sign lease - invalid lease?

So, my roommates and I planned to sign a lease renewal as co-tenants in NYC. While some of the roommates already signed it, the others changed their mind last minute. This unfortunately means the ...
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3answers
73 views

Are maintenance fees and other fees covered by tenant or does the owner have to pay that?

I'm looking around apartments not to live in - but to rent out for some cash flow. I'm eying a particular co-op and was wondering: Hypothetically, I took out a mortgage for the co-op. Am I ...
1
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0answers
47 views

Can I ignore form 2439?

I got my first form 2439 (Undistributed Long-term Capital Gains). After doing research, it seems that since I didn't actually get any money, the net result is a not-so-large gain after I sell the ...
14
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3answers
2k views

What should I prepare for tax-wise when moving from one state to another?

In about 2 months, my wife and I will be moving to another state and I will be starting a new job - this move will be from the Capital Region of New York State to the St. Mary's County region of ...
0
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1answer
71 views

Taxes on Family leave pay

Do we have to pay taxes on checks from the government that were paid from taxes in the first place. For example, like Social security checks and Paid Family Leave checks? If that is the case, what is ...
1
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1answer
3k views

Do you need both a bill of sale and title when buying a used car?

I am attempting to make my first used car purchase from a private party in New York. I understand that the title should be transferred to me after the sale but what about a "Bill of Sale" ? Would I ...
1
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1answer
83 views

Owing NYC local income taxes?

I was completing my 2019 taxes when I found out that my employer(for the new job that I started in 2019) has not withheld any local NYC income tax(“Local income tax”[box 19] on w2 is empty but they ...
1
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0answers
60 views

Why is NYS supplemental rate so high?

For 2019 the NYS suplemental withholding rate was 9.62%. However the maximum tax bracket in NYS is 8.82% for 2019. This means that even for the highest earners the withholding will be too much and ...
1
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1answer
98 views

How does the “Subdividing Tax Lots” scheme work?

In an article that broke today, a Manhattan developer was charged with "subdividing tax lots" in order to get around zoning laws limiting the height of a skyscraper. What does it mean to subdivide a ...
1
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0answers
62 views

NY & Federal Quarterly tax payments for someone with Fulltime job and a side gig?

In 2020 I want to start paying estimated quarterly taxes but I am not sure exactly how to calculate the amounts. If I make X$ yearly income from my full time job have maximum withholding. I also ...
26
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7answers
12k views

Looking for a new job - how do I handle my landlord with apartment lease renewing?

Due to personal reasons, I am seeking employment in a different state. I haven't yet found a job - in fact I only just started my search - but I know that I will want to move, and I will want to be ...
2
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0answers
107 views

One of my W2 employees quit my repair shop in NYC, do I need to do anything on my end to alert the state/city?

I have a repair shop and one W2 employee. He just quit last month. Do I need to alert the State or City about payroll taxes or payroll insurance company that my guy left? I'm not sure if I need to do ...
0
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1answer
66 views

New York State withholding penalty

If I get a penalty from New York State, can I pay it and the withholding all at once? For example, my withholding tax in NYS is $1k, and my penalty is also $1k. Can I can pay all $2k at the same ...
1
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0answers
55 views

Approximate tax savings if NYC employee moves residence from NYC to NJ?

How much would an employee expect to save on tax bill by moving residence from NYC to NJ, approximately? Assume $200,000 income, single, no dependents, $0 for everything else (IRA, 401k, investments, ...
3
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1answer
76 views

Qualifiying Life Event allow one to change coverage plan

Employer provides four plans, with the following three that interest me, PPO, HMO, CDHP During open-enrollment I choose PPO. I marry. This counts as a QLE. Am I allowed to change to CDHP midyear? ...
1
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1answer
205 views

Interest accrued on $2600 security deposit for 5 years

I paid a $2600 security deposit. We were there 5 years. What should my deposit have earned in interest in NY?This particular landlord never gave us any information on an escrow account. He owns ...
1
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1answer
246 views

How can I be sure if my grandfather's money is safe?

Years ago, my grandfather sold an old apartment and opened an investment account with a financial advisor he knew from his neighbourhood. The financial advisor works with a broker and my grandfather ...
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0answers
45 views

Filing Sales Tax Return When 3rd Party Collects & Remits Sales Tax - App Store & Google Play Scenario, US

In many cases App Store & Google Play will collect & remit sales tax themselves for your sales. Question is how to file this scenario. Do you file these sales as "non taxable sales" or do ...
49
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6answers
26k views

Why do sellers care about down payments?

I'm going through the process of buying a home now. Whenever I make an offer, the seller wants to know how much of that will be down payment. Why do they care? Isn't the combination of the down ...
2
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2answers
119 views

Does pre-qualification for a mortgage affect your credit score?

If submit a mortgage pre-qualification application, does my credit score go down? Does it trigger a hard credit check? Or do the hard credit checks only come when the mortgage process goes further ...
1
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0answers
465 views

How to treat a bonus for tax purposes if moving states

I moved from NY to a tax-free state in December of 2018. In January of 2019, I received a cash bonus from my employer. Despite not living in NY anymore, the company withheld NY state income taxes for ...
-1
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1answer
128 views

Optional vs Mandatory State and Federal Paycheck Taxes for NYS

I live in New York state (upstate; not NY City) and am wondering which of the following taxes I must pay out of my weekly paycheck: Income Tax Federal State Local FICA & State Taxes ...
0
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1answer
109 views

Is there SALT on long term capital gains?

I see that long-term capital gains tax rates are 0%, 15% or 20%. But these are federal so is there also a state and local tax on long term capital gains? Specifically in New York City, which for ...
0
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1answer
68 views

new york state 529 k-12

https://www.nysaves.org/home/fe.html Under New York State law, distributions for K-12 tuition expenses are considered nonqualified withdrawals and will require the recapture of any New York ...
4
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1answer
267 views

Vehicle has been broken into. Missing registration, insurance cards

My parents are currently out of town and they have left their vehicle parked on my block. We just discovered that the vehicle has been broken into. Aside from a few personal items, thieves have also ...
2
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1answer
98 views

Remote state taxes

I live in Florida and I work remotely to a New York office and I am being paid thru their payroll not 1099. The employer has been deducting NY state tax and I know Florida does not have state tax. I ...