Hi,
We have a lot of changes happening in our 2022 tax situation and I'd like to see if our calculations are correct.
Background:
-We owned Property A in Nevada for 10+ years, have been renting it out for 8 years, and sold it this year for a large profit.
-Put the sale $ into a 1031 exchange and bought Property C in New York State, got $50,146 profit given to us after the sale completed (capital gains tax liability there we believe).
-Bought a car in Nevada, did not pay sales tax on it, taking it to New York to register. Cost $24,000.
-Income from 2 regular jobs that Gross $23K (net 16.7K) and $9K (net $7K).
-Rental income of about $5K (with expenses around $7K)
-Income from self-employment will be around $3K (net maybe $1K)
-We will then be selling our Property B in Nevada (our residence) but we're not sure how long that will take - likely it will close in 2023.
1. How much of the $50K from the 1031 should we keep out for taxes?
2. If we still have the Nevada property, is it okay to leave all my self-employed income as Nevada to make things easier? Or how do I do taxes partly in Nevada and partly in New York State? (What's the difference? Should I be keeping more out?)
Thanks in advance!
