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For those leaving NY... another tax

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    #16
    If it qualifies under personal residence rules 500k of profit will be excluded on your it.203 and you will get the taxes withheld back. If not, you should still get a lot back since the withholding doesn't take basis into account.

    before the same walk through the house with a pad and write down everything you are leaving. It gets added to basis. Curtains, lights, carpet, etc.

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      #17
      So I should sell everything before hand and then get out in the cloak of midnight darkness?
      stay alive, carry a 45

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        #18
        Vitamin is correct. Moreover, you can usually massage the numbers quite a bit to get your basis close to the selling price based upon improvements, etc. It is less of a goodbye present and more of a FU to nonresident sellers.

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          #19
          All in all, NYS can suck moose balls!!
          -another reason why I didn’t buy another residency here recently. Even though my countdown began already I didn’t want to deal with this shit upon leaving NY , renting my place just to sell it years later and get banged by asshat cumhole. I will say a mass prayer 🙏 for all you poor bastards upon my departure. It’s truly remarkable how many people i know who are fleeing the scene of the crime that is NY sodomizing people. So many of us, geographically, love this Island we call home but to continue kicking the vig upstate to this corrupt shithole is unbearable
          Last edited by ANYGUNWILLDOIFUWILLDO; 06-15-2019, 07:19 AM.
          A .45acp says go away in any language ~ Clint Smith

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            #20
            Originally posted by class3 View Post

            You did. The gain on the house was in your regular IT-201 for the year (or IT-203). If not you might want to not talk about it on a public forum . . .
            My residence for the year was FL, I spent less than 183 days in NY, NY can kiss my ass

            Take a young person shooting.... Take 2 or more if you can...

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              #21
              Originally posted by class3 View Post

              You did. The gain on the house was in your regular IT-201 for the year (or IT-203). If not you might want to not talk about it on a public forum . . .
              Class 3 is correct. The cap gain ny tax isn’t avoidable as when you pay any cap gain in ny it’s present. And yes it’s just under 29% total. 28.82 as vitamin pointed out. 20% is fed cap gain.

              And most people while realizing it’s another ny tax, are happy to pay 29% as opposed to the top rate of 42% now for income.

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                #22
                Prime residence is where they got you....
                What about the ONE TIME $500,000 sale of a house tax relief..

                If you have a capital gain from the sale of your mainhome, you may qualify to exclude up to $250,000 of that gain from your income, or up to $500,000 of that gain if you file a joint return with your spouse. Publication 523, Selling YourHome provides rules and worksheets.
                Last edited by Ransom; 06-15-2019, 07:53 AM.

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                  #23
                  Originally posted by LIChris View Post
                  My attorney just informed me that since I'm no longer a resident of NY, I am on the hook for a "non resident real estate tax" when we go to closing on our NY house. That's in addition to all the other taxes, fees, fines, etc... that we paid when we left NY two years ago.
                  You should read the instructions for NY State tax form IT-2663:

                  This is one of the exclusions:

                  • The property being sold or transferred qualifies in total
                  as the principal residence of the transferor/seller within
                  the meaning of Internal Revenue Code (IRC) section 121
                  (Tax Law section 663(c)(1)). IRC section 121 relates to the
                  federal income tax exclusion of gain on the sale of a principal
                  residence.
                  Then read the federal code referenced. My guess is if you do not need to file federal capital gains on the sale of your home, you do not need to pay tax on the gain in NY; but as I said, that is my guess.

                  While I am no tax expert, it seems my guess is correct, see: https://www.law.cornell.edu/uscode/text/26/121. Of course, you maybe sold your house for a large enough sum to be responsible for federal capital gains tax and then seemingly would be responsible to pay some tax to both the feds and NY on the gain.

                  Is your attorney in NY or FL. If he is in FL, you may be wise to check with a tax expert in NY.
                  Last edited by Glenn B; 06-15-2019, 12:27 PM.
                  Retired and loving it.

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                    #24
                    Let them come after me.

                    IRS guys rank right up there with revenuers down here.
                    Once two strangers climbed ol' Rocky Top
                    Lookin' for a moonshine still
                    Strangers ain't come down from Rocky Top
                    Reckon they never will
                    The escape is half complete. The inventor of Hawk fishing. (soon to be seen on ESPN 8 the Ocho)

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                      #25
                      This is what you're dealing with
                      Attached Files

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                        #26
                        As posted above you are either as a resident or non-resident eligible for the 250/500K Federal credit to be applied on your NYS tax bill but the sale is reportable in either a resident income tax return or a non-resident real estate tax return.
                        Know your rights/Refuse peacefully to consent to a search /Ask if you are free to go or are being detained/Even if you are not doing anything wrong the 4th Amendment protects you against unreasonable searches/Never say anything to law enforcement even if you think it will help you/If questioned clearly and unequivocally request that you would like to have an attorney present and defer any questions until then/Never go to prison because you are afraid to go to jail.

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                          #27
                          If you did not have more than $500k gain on the sale, the only capital gain tax on the house will be on the recapture of depreciation you took while it was a rental, plus any increase in value during the rental period.

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