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If i am a resident of New York and i own a rental property in Florida. I have held it for almost 10 years now. And i am 73 years old.
Do i get taxed on sale of that Florida property? Any way i can exclude the gain from my NY State tax return.
Please advise.
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This board is for tax professionals using ProSeries software. you should probable post your question on Turbo Tax for DIY
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Hi Terry
This is a real scenario-based question.
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Coming from a tax professional using Proseries. Any solutions?
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Sorry, but the way you worded question it seemed for a DYI. In answer to your question As a resident, you pay state tax (and city tax if a New York City or Yonkers resident) on all your income no matter where it is earned. You usually can get a credit for taxes paid to another state, so you are not double taxed, but FL does not have a state or capital gains tax