Hi All,
Looking to relocate north of the border to Toronto, Ontario. I am a physician. US Citizen/Canadian PR. Looking for some advice on what would be considered 'NJ sourced income.' As a nonresident of NJ, you have to report income from all sources (both inside and outside NJ) as well as income only from New Jersey sources. As a nonresident, your income tax is prorated and you have to pay on sources of income from NJ. Wondering what would be considered NJ sourced if I am working remotely from Toronto.
Assuming that I have a permanent home in Toronto and am working 100% remotely thru telemedicine from my US based income, what would be considered NJ sourced from the following:
1. Rental property in NJ - earning about 10-15k annually
2. Collaborating physician- collaborating with NJ based nurse practitioners - ~$30k annually - 1099-misc given, address on record is NJ
3. Telemedicine - ~$100k income - working for companies based in Silicon Valley, Texas - however I get my paychecks deposited into bank accounts/addresses on file in NJ. Although I hold licenses to practice medicine in NJ, FL, TX and other states, all of the income is lumped together and received as a 1099-misc at the end of the year. My 'address on record' is my NJ address for these companies.
4. Working in person in Toronto, ON - earning about 200k CDN
Out of the 4 streams of income above, what would be considered NJ sourced? Would it be just the rental property? Is there a way to avoid double taxation? Thank you all in advance; please ask questions if anything is not clear.
