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]

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

[buttercup0076]

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]

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

[SweetieJean]

see below

[buttercup0076]

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]

CA should give you credit for taxes paid toi NY.

[SweetieJean]

<a rel="nofollow" target="_blank" href="https://www.ftb.ca.gov/forms/2016/16_540s.pdf">https://www.ftb.ca.gov/forms/2016/16_540s.pdf</a>

[buttercup0076]

Thank you for your answers.

[Hal_Al · Accepted solution]

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]

Ok, thank you.

[SweetieJean]

https://www.tax.ny.gov/pubs_and_bulls/tg_bulletins/pit/ny_source_income_nonresident.htm

[SweetieJean]

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...>