Questions tagged [new-york]

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

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61 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 ...
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1answer
54 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 ...
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1answer
75 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 ...
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52 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 ...
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1answer
93 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 ...
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0answers
58 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 ...
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8answers
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 ...
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0answers
33 views

What self-employment and/or “payroll” taxes exist for NYS Single-Member LLC w/ S-Corp Tax Election?

I am about to form a New York (NY) state single-member LLC and elect S-corp taxation per my CPA's advice. I am the only employee and will be the only employee, at least through to the end of the ...
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0answers
106 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 ...
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1answer
55 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 ...
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0answers
54 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, ...
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1answer
74 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? ...
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1answer
192 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 ...
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1answer
238 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
41 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 ...
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0answers
46 views

NYS Part-time return and Federal Foreign Earned Income Exclusion

I have a hard time to understand how to report the Foreign Earned Income Exclusion on New York State form IT-203 when filing as a part time resident. Specifically, I was living in NYC, accepted a job ...
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6answers
16k 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 ...
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2answers
117 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 ...
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0answers
109 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 ...
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1answer
116 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 ...
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1answer
76 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 ...
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1answer
54 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 ...
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1answer
202 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 ...
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1answer
90 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 ...
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1answer
170 views

Sublet my apartment or break my NYC lease with forfeit of security deposit?

My NYC landlord has agreed to let me out of my lease agreement if I forfeit my security deposit of $3,225.00. In the rental agreement I have six free weeks of rent on an 18 month lease. So the net ...
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1answer
254 views

Paying for nursing home care: What is the relationship between Medicare and owned property?

This question is prompted by a comment in a question I asked previously regarding the finances of aging parents (assets include a small savings and some property). I will summarize the comment as ...
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0answers
269 views

Forgot to check “Yes” in the question about the foreign account

In 2017, using Credit Karma, I filed a tax return by must have said "No" to the question about foreign accounts. The max aggregate balance of all my accounts in 2017 was under $10,000 so I didn't have ...
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0answers
75 views

Do I have the right to insist on my options being 100% vested if they are for work already performed last year?

I am getting some stock options for work I already finished last year, but they said it needs to vest for tax reasons. My lawyer said I don't have to pay taxes until I exercise my options which ...
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1answer
201 views

Does New York State law require me to e-file if I use TurboTax?

If I use Turbo Tax to prepare my taxes with locally installed software, and specifically Turbo Tax with New York State, to prepare my returns, am I permitted to file my returns by mail and paper, or ...
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1answer
68 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
2k 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 ...
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1answer
125 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
57 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 ...
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1answer
86 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
96 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 ...
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1answer
233 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 -...
2
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1answer
81 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
285 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
2k 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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4answers
702 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
88 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
677 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 ...
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1answer
718 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
214 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
162 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 ...
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2answers
3k 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 ...
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1answer
160 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
235 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 ...
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1answer
103 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
47 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. ...