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Category: Tax
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ref NY state income (capital gains) tax, unfortunately we are

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ref NY state income (capital gains) tax, unfortunately we are in TX and my husband was a part time resident of NY last yr and he sold a commercial building, with a long term gain of 60,ooo. He is 69, our only income was SS and some interest income. BotXXXXX XXXXXne, went to H R Block who figured we owed the fed IRS 600.00 and figured we owe NY over 2000.00.
I really dont think this agent knew what she was doing. The first figure she quoted for NY was zero, then recomputed it to over 2000.00 Does this sound feasible? Help, need advise from a NY tax accountant. I did read somewhere that if you were in the 15% tax bracket for federal, that the NY capital gains rate would be zero %. Now I cant find that info

Welcome to Just Answer. I am here to help you resolve your tax and finance concerns. Please feel free to ask anytime you need extra help.


To verify this for you we will need additional information. How much SS income, how much interest income, did you itemize deductions.?


The NY return starts at the Federal Adjusted Gross Income but, since you are non residents/part year residents it can change the way income is treated.Please also provide the date your spouse moved to Texas.

Customer: replied 5 years ago.
SS 22.938, interst inc 4305.00
did not itemize, necessary rec'ts in NY
We have lived in NY 6 months of the yr and TX the same until last year when we bought a house here in TX, before the end of April, and HRB wouldnt let us apply for the new home credit either. We only got married in 2009. Last year 2010 we spent 7 months in tx and 5 in NY and he got his TX DL before xmas. We still each own homes in NY, one is on the market and the other we still have to finish moving out of.
I have researched the NY tax rules and find no mention of any special favorable treatment given for NY source capital gains. The second computation, based on the information you provided, is correct. You will owe some tax to NY. If you lived in NYC or if the property that was sold was located in NYC you will also owe some tax there. The NYC tax is computed as a part of the NYS return.
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