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buttercup0076
New Member

I'm currently a CA resident who owns a co-op apartment in NYC (Bronx borough). My unit has no mortgage. If I sell, do I have to pay taxes in NYC as well as CA?

 
1 Best answer

Accepted Solutions
Hal_Al
Level 15

I'm currently a CA resident who owns a co-op apartment in NYC (Bronx borough). My unit has no mortgage. If I sell, do I have to pay taxes in NYC as well as CA?

Yes and no.

You must pay NY income tax on the sale. You must also include the capital gain as income on your CA return. But CA will give you a credit, or partial credit, on the tax you paid to NY

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12 Replies
SweetieJean
Level 15

I'm currently a CA resident who owns a co-op apartment in NYC (Bronx borough). My unit has no mortgage. If I sell, do I have to pay taxes in NYC as well as CA?

Haven't you been declaring the rental income to NY all along?
buttercup0076
New Member

I'm currently a CA resident who owns a co-op apartment in NYC (Bronx borough). My unit has no mortgage. If I sell, do I have to pay taxes in NYC as well as CA?

I was until a year ago as I no longer have a tenant. I am going to do minor renovations and have it appraised again. I just want to know if I have to pay taxes twice.
buttercup0076
New Member

I'm currently a CA resident who owns a co-op apartment in NYC (Bronx borough). My unit has no mortgage. If I sell, do I have to pay taxes in NYC as well as CA?

Doesn't a sale become recognized as type of income??
SweetieJean
Level 15

I'm currently a CA resident who owns a co-op apartment in NYC (Bronx borough). My unit has no mortgage. If I sell, do I have to pay taxes in NYC as well as CA?

see below
buttercup0076
New Member

I'm currently a CA resident who owns a co-op apartment in NYC (Bronx borough). My unit has no mortgage. If I sell, do I have to pay taxes in NYC as well as CA?

I expected to pay some taxes in NYC, I'm wondering if I have to pay again in CA - this is my real question.
SweetieJean
Level 15

I'm currently a CA resident who owns a co-op apartment in NYC (Bronx borough). My unit has no mortgage. If I sell, do I have to pay taxes in NYC as well as CA?

CA should give you credit for taxes paid toi NY.
SweetieJean
Level 15

I'm currently a CA resident who owns a co-op apartment in NYC (Bronx borough). My unit has no mortgage. If I sell, do I have to pay taxes in NYC as well as CA?

buttercup0076
New Member

I'm currently a CA resident who owns a co-op apartment in NYC (Bronx borough). My unit has no mortgage. If I sell, do I have to pay taxes in NYC as well as CA?

Thank you for your answers.
Hal_Al
Level 15

I'm currently a CA resident who owns a co-op apartment in NYC (Bronx borough). My unit has no mortgage. If I sell, do I have to pay taxes in NYC as well as CA?

Yes and no.

You must pay NY income tax on the sale. You must also include the capital gain as income on your CA return. But CA will give you a credit, or partial credit, on the tax you paid to NY

buttercup0076
New Member

I'm currently a CA resident who owns a co-op apartment in NYC (Bronx borough). My unit has no mortgage. If I sell, do I have to pay taxes in NYC as well as CA?

Ok, thank you.
SweetieJean
Level 15

I'm currently a CA resident who owns a co-op apartment in NYC (Bronx borough). My unit has no mortgage. If I sell, do I have to pay taxes in NYC as well as CA?

SweetieJean
Level 15

I'm currently a CA resident who owns a co-op apartment in NYC (Bronx borough). My unit has no mortgage. If I sell, do I have to pay taxes in NYC as well as CA?

Even if you became a nonresident prior to the closing of the sale, NY has a provision that requires
 nonresidents to pay estimated personal income tax on the gain, if any, from sale or transfer of real property located in New York State.

<a rel="nofollow" target="_blank" href="http://www.tax.ny.gov/pdf/current_forms/it/it2663_fill_in.pdf">http://www.tax.ny.gov/pdf/current_for...>

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