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.
Public Comments
- Most attornies have free consultations. I would call and ask one for the best 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.
