Yahoo Answers is shutting down on May 4th, 2021 (Eastern Time) and beginning April 20th, 2021 (Eastern Time) the Yahoo Answers website will be in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.
Trending News
Do I have to pay New York state tax?
My relative owned some commericial-type real estate in New York, and the members are going to buy the property from us heirs. They are going to make a down payment, then quarterly "mortgage" payments, with a 10-year balloon payment. I live in a different state. Will I have to pay New York, also? Thanks.
3 Answers
- Anonymous1 decade agoFavorite Answer
I can guarantee that everyone who gets some proceeds from the sale of the property in NY is going to have to pay NY taxes, as long as the property is sold at a gain. You should get a credit from the state you live in for the taxes that you paid to NY, but it might not be a dollar for dollar credit. I work for a CPA/Tax Prep firm in Massachusetts, and we had a client sell a property that they owned in NY. They had to file a NY non-resident return, and got a credit (not dollar for dollar) from MA for the taxes they paid to NY.
- ?Lv 45 years ago
in case you particularly have been a resident of the two states at distinctive cases in the process the year, you will could pay tax to each and each as area-time resident. incredibly some states do the mechanics in a distinctive way, yet they each and each provides you with credit for tax paid to a distinctive state, so as which you're paying state tax to each and each state based upon what you earned in each and each state. It gets messy especially circumstances
- puananiLv 51 decade ago
Most attornies have free consultations. I would call and ask one for the best answer.