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Is gain on sale of rental property taxable to a non resident of New York state?
Wiki User
∙ 15y ago
Yes, both at the Federal and State levels. Your business activity made you taxable on this, and possibly other income, too NYS whether you reside there or not.
Wiki User
∙ 15y ago
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You live and work in one state and have a rental property in another state. Do you have to file a tax return in the other state?
Yes the state where the source of the rental income is from wants some income tax on that rental income that you have received from the nonresident state. A nonresident state income tax return will have to filed with the state where the rental property is located.
Do I pay taxes on a rental sold in another state?
I assume you are saying you own a rental unit that is located in another state and you sold it. If you are a US Citizen or permanent resident, you must pay federal income tax on any profits derived from a sale anywhere in the world. If you are a resident for tax purposes of a state that imposes an income tax, you must pay state income tax to the state where you are a resident. If the state where the property is located has an income tax, you must also file a non-resident return in that state and pay any appropriate income tax to that state. This can create a situation where you must pay income taxes to two different states (the one where you live and the one where the property is located) on the same profit. Ordinarily the state where you live will grant you a credit for the amount of tax you paid to the other state. The credit however will not exceed the amount the resident state would tax the same income.
What is the sales tax if the tax is 70cents?
I am NOT sure what your question is.I guess it varies from state to state; sales taxes are imposed only on taxable transfers of property or services. The tax is computed as the tax rate times the taxable transaction value. Rates vary by state, and by locality within a state.
Where is my income taxable if the company is in ny but I work partly in NJ?
The general rule is that you income is taxable in BOTH the state where you work and the state where you live. Some states have reciprocal agreements, but NY and NJ do not. But NY has its dreaded telecommuter tax. If your employer requires you to work in NJ, the income you earned in NJ would not be taxable in NY (unless you live in NY). If your employer gave you the option of where to work, for example if they let you telecommute from your home in NJ, NY still considers the income to be taxable by NY. NJ would consider any income earned while working in NJ to be taxable in NJ and all income earned by a NJ resident, no matter where, to be taxable in NJ. Yes, it is possible for the same income to be taxable in two different states. If you live in NY or NJ, the state where you live will give you some credit for the taxes paid to another state to offset some of the double taxation. But if you live in a third state, you could be really screwed if you have income taxable by both NY and NJ, since your state would not let the credit they give you exceed the amount charged by that state.
Is federal income tax refunds taxable?
No. Federal tax refunds are not taxable. In some cases, state tax refunds are taxable.
For which state do you file Real estate state income tax if you live in a different state from the property?
== == Income is taxable in both the state where it is sourced and the state where you are a resident. Income received in connection with real estate is taxable in the state where the real estate is located. This includes rental income and income from the sale of the property. Also, the state where you are a resident taxes all income earned from any source anywhere in the world. This may result in the income being taxed by two states (if both states have income taxes). In that case, one of the two states (usually the one where you are a resident) usually will allow you to take a credit for some or all of the tax paid to the other state.
does the state os sc have winterizing grants for rental property?
does the state of sc have winterizing grants for rental property
What is a ssu charge on a rental car?
In Hawaii it is a state surcharge, which is non-taxable
Is New York State unemployment compensation taxable for a North Carolina resident?
Yes.
You live and work in one state and have a rental property in another state. Do you have to file a tax return in the other state?
Yes the state where the source of the rental income is from wants some income tax on that rental income that you have received from the nonresident state. A nonresident state income tax return will have to filed with the state where the rental property is located.
If one state was named in a rental agreement to have controlling law and the address of the rental property was in another state which state has enforcement?
Under UCC laws the state in which the rental contract was signed.
Do I pay taxes on a rental sold in another state?
I assume you are saying you own a rental unit that is located in another state and you sold it. If you are a US Citizen or permanent resident, you must pay federal income tax on any profits derived from a sale anywhere in the world. If you are a resident for tax purposes of a state that imposes an income tax, you must pay state income tax to the state where you are a resident. If the state where the property is located has an income tax, you must also file a non-resident return in that state and pay any appropriate income tax to that state. This can create a situation where you must pay income taxes to two different states (the one where you live and the one where the property is located) on the same profit. Ordinarily the state where you live will grant you a credit for the amount of tax you paid to the other state. The credit however will not exceed the amount the resident state would tax the same income.
Does Florida pay property tax?
Resident property owner do pay property taxes to the state of Florida each year.
Does a representative have to be a resident of the same state or district the they represent?
They have to own property in the state and district they represent.
How can you get liability insurance for a rental property you own in another state?
You would need a rental dwelling policy. Just ask your agent for it.
Does Italy tax US Social Security?
Yes they do. ARTICLE 18 Pensions, Etc. 1. Subject to the provisions of paragraph 2 of Article 19 (Government Service), pensions and other similar remuneration beneficially derived by a resident of a Contracting State in consideration of past employment shall be taxable only in that State. 2. Payments made by a Contracting State under provisions of the social security or similar legislation of that State to a resident of the other Contracting State shall be taxable only in the other State.
Can you receive a tax credit if a relative lives in a rental property you own?
IF this is a tax credit that your state may have available you should contact your local taxing authority or the state tax department about any possible tax credit if a relative lives in a rental property that you own.
