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.
This board is for tax professionals using ProSeries software. you should probable post your question on Turbo Tax for DIY
Hi Terry
This is a real scenario-based question.
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Coming from a tax professional using Proseries. Any solutions?
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
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