Sale of Florida Property as a New York State resident

[GA TAX]

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. 

[Terry53029]

This board is for tax professionals using ProSeries software. you should probable post your question on Turbo Tax for DIY

[Skylane]

defer w/ 1031.

[GA TAX]

Hi Terry

This is a real scenario-based question.

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Coming from a tax professional using Proseries. Any solutions?

[Terry53029]

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

[GA TAX]

Thanks a lot Terry