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Aslanovcc
Returning Member

NY residency

I’m a VA resident, and my employer moved me to NYC for couple of years.   I have a property in VA that is rented. How do I address my VA and NY taxes?  Do I have to become a NY resident? 
Also, do I have to pay NY taxes on my VA rental property?

 

thanks!

2 Replies
DemiW
Employee Tax Expert

NY residency

Greetings @Aslanovcc!

You will need to file taxes for both VA and NY because you are earning income in both states.  Your income from your rental property in VA would need to be reported; you would file as a NonResident  because you re paying tax on income received from other sources ie rental income.  

When should I file more than one state income tax return?

You may have to file more than one state income tax return if you have income from, or business interests in, other states. Here are some examples:

  • You are an S corporation shareholder and the corporation does most of its business in a state other than the state where you live.
  • You're a partner in an out-of-state partnership.
  • You own rental property in another state.
  • You're the beneficiary of a trust or estate that has interests in another state.

Fortunately, in most cases your resident state allows you to take a credit for the taxes you have to pay to the other state, as in a temporary residence situation. Check your state tax website for information on whether your state offers this credit. TurboTax can also help you figure out the credit.

 

Per Virginia, a nonresident will report their income using Virginia Form 763.  An allocation percentage, based on the ratio of Virginia sourced income to all other sources is applied to provide your individual net taxable income for Virginia.

 

Hope this helps and good luck on your move!

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JaniceS_CPA_CFP
Employee Tax & Finance Expert

NY residency

Yes, you are a NY resident for tax purposes since you lived there for over 183 days. You will file a Resident return with NY and you will have to claim all of your income including the rental property in VA. For VA you will file a nonresident return for the rental property if that is the only VA sourced income. You will receive a credit from NY for taxes paid to VA on the rental property. 

 

Hope this helps! 

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