New York State Return

[Brian EA]

Client lived in New York City for several years. `He owned a 3 family home and rented 2 apts. Move to GA in 2006 and continued renting the apartments.
He finally sold the building in may 2007. Does he have to file NY State tax return and if so will he be given any credit to the state of Georgia

thanks
brian

[BOB W]

Client lived in New York City for several years. `He owned a 3 family home and rented 2 apts. Move to GA in 2006 and continued renting the apartments.
He finally sold the building in may 2007. Does he have to file NY State tax return and if so will he be given any credit to the state of Georgia

thanks
brian

Brian> The NY property is NY source income and is reportable on a NYS non resident return for the rental portion of the property. As to GA giving credit, probably yes. Check on GA's methods of taxation.

Needless to say, your client will be excluded on the residential portion if gain is $500,000 or less. NYC property can get way up there so I'm sure you will handle it properly.

[New York Enrolled Agent]

The sale of real property by a NY non-resident should have had a form IT-2663 executed as part of the closing process. This represents an amount of estimated tax paid to NY on the approximate amount of gain. Ask your client about it.

[Brian EA]

Thanks

Bob I was hoping you would reply.
Thanks guys

brian

[BOB W]

Bob I was hoping you would reply.
Thanks guys

brian

NYEA brings up a good point> review IT-2663. I never had a non-resident sell NY property, so I found that interesting also. Thanks NYEA