Questions tagged [new-york]

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

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2
votes
1answer
870 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 ...
4
votes
1answer
159 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 ...
25
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5answers
8k 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:...
1
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1answer
28 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 ...
1
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2answers
148 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 ...
1
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0answers
73 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
94 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 ...
1
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3answers
69 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 ...
0
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2answers
2k 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 ...
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
68 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
vote
1answer
104 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
77 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
56 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
vote
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 ...
1
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0answers
60 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 ...
3
votes
4answers
1k 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 ...
26
votes
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 ...
45
votes
13answers
9k 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. ...
0
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0answers
34 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 ...
2
votes
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 ...
0
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1answer
58 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 ...
7
votes
1answer
255 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 ...
1
vote
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
votes
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? ...
1
vote
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 ...
1
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1answer
239 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 ...
0
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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 ...
1
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1answer
107 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 ...
48
votes
6answers
19k 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
votes
2answers
118 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
vote
0answers
168 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
votes
1answer
126 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
votes
1answer
88 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 ...
4
votes
0answers
93 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 ...
0
votes
1answer
62 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
votes
1answer
239 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
votes
1answer
93 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 ...
0
votes
1answer
181 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 ...
1
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0answers
326 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 ...
1
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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 ...
1
vote
1answer
208 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 ...
3
votes
3answers
651 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
votes
2answers
5k 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 ...
1
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1answer
71 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 ...
0
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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 ...
2
votes
1answer
149 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?
1
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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 ...
2
votes
1answer
89 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). ...