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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
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Experience:  10 years experience
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Does the foreign tax paid cananda on sale of land there reduce

Customer Question

does the foreign tax paid cananda on sale of land there reduce the new 10% n y capital gain tax?
Submitted: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year ago.
Hi and welcome to our site!As a resident of NY - the person is subject to taxes on all worldwide income - including from Canadian sources.If you're a resident of New York State and another state or Canadian province for income tax purposes, you can't claim a credit if the other jurisdiction allows a credit against its tax for the total resident tax paid to New York.If you were a full-year or part-year resident of New York State, or a New York State resident estate or trust, or a part-year resident trust, and you had income sourced to and taxed by a Canadian province, you may claim a credit against your New York State tax. This credit is allowable only for the portion of the tax that applies to income sourced to and taxed by the Canadian province while you were a New York State resident. If you paid tax to more than one Canadian province during your New York State resident period, use a separate Form IT-112-C for each province.http://www.tax.ny.gov/pdf/current_forms/it/it112c_fill_in.pdf

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