Finance

Have finance questions? Ask a financial expert online.

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

I have a tax question about New York City taxes. Can you…

Hello! I have a...

Hello! I have a tax question about New York City taxes. Can you help me?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

My permanent residence is on Long Island (not New York City), but I have a permanent place of abode in New York City since last July. Since I will likely have it for 11 months this year, I wanted to pay city taxes, but my HR department is telling me I need to change my address to the NYC one. But that is not my legal residence, so I’m not sure if it will cause a problem to put that on my tax form.

Accountant's Assistant: Is there anything else the Accountant should be aware of?

I guess just that I’m concerned putting it as my permanent address will change it from having been just a permanent place of abode last year

Show More
Show Less
Ask Your Own Finance Question
Answered in 7 minutes by:
1/19/2018
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Finance
Satisfied Customers: 2,362
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
Verified

Welcome to JustAnswer!

My name is***** will assist you today.

For tax purposes the determination of your primary residence is determined by the specific facts of your situation.

From what you are stating you appear to be a NYC resident for tax purposes given the amount of time you live in NYC: "but I have a permanent place of abode in New York City since last July. Since I will likely have it for 11 months this year"

___

Items that are considered when determining your primary residence for tax purposes:

Time Spent In Home

If you own and live in only one home, that home is your primary residence. If you own and live in more than one home, the IRS judges your primary residence by which home you spend more time in. For example, if you live in one home for eleven months out of the year and the other home for one months out of the year, the home that you spend eleven months in is your primary residence.

Government Documents

If you spend equal amounts of time in more than one residence, the IRS may examine your address on your government-issued documents to determine which address is your primary address. For example, if your driver's license lists the address of one of your residences, the IRS is more likely to consider that your primary residence, especially if you use this address for federal and state taxes.

Life Interactions

The IRS also examines where you have built a life for yourself. For example, if you belong to a religious organization and participate in social activities in the city where one of the residences is located, the IRS is more likely to consider this your primary residence than a residence that is farther away from your social activities. In addition, the IRS examines where you have opened your bank account, where you go to the doctor and other evidence suggesting that you have built your life somewhere.

Ask Your Own Finance Question

If this has answered your question and have no further questions, please take a moment to accept the answer.

Please also let me know if you have any follow up questions or remaining concerns.

My goal is to ensure you receive 100% satisfaction.

_____

At the conclusion of our conversation please take a moment to rate and accept my answer by clicking on three stars or more.

A positive rating of 5 stars is always appreciated.

Thank you!

Ask Your Own Finance Question
Customer reply replied 4 months ago
Hi Chad! Thanks! I do think that I am a resident of NYC. So I have to put that address on my tax documents? Will that cause problems for last year when I had the apartment for just a few months, but was not truly a resident?

Using the address won't create a problem. When you complete your tax return you are asked additional questions asking where exactly you were a resident of during the tax year.

Ask Your Own Finance Question

You should use the NYC address if you will be residing there more often.

Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Finance
Satisfied Customers: 2,362
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
Verified
Chad EA, CFP ® and 87 other Finance Specialists are ready to help you
Ask your own question now
Phone call session started
Was this answer helpful?
Ask Chad EA, CFP ® Your Own Question
Chad EA, CFP ®
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Finance
Satisfied Customers: 2,362
2,362 Satisfied Customers
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA

Chad EA, CFP ® is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Rakhi Vasavada

Rakhi Vasavada

Financial and Legal Consultant

2,608 satisfied customers

Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years

Megan C

Megan C

Certified Public Accountant (CPA)

2,218 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

Manal Elkhoshkhany

Manal Elkhoshkhany

Tutor

1,920 satisfied customers

More than 5000 online tutoring sessions.

JKCPA

JKCPA

CPA

844 satisfied customers

Bachelors degree and CPA with Accounting experience.

Eric

Eric

Financial Manager

559 satisfied customers

Loan servicing, counseling and real estate expert. Foreclosure Expert and Financial Planner.

R. Klein, EA

R. Klein, EA

Accountant

480 satisfied customers

TurboTax Expert. QuickBooks Certified Pro Advisor

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

332 satisfied customers

NASD Licensed Rep, 1997-2001, Business Attorney

< Previous | Next >

Related Finance Questions
Need help reviewing a financial statement. Will need them to
will need them to look over a report and explain the breakdown … read more
taxmanrog
taxmanrog
Master\u0027s Degree
944 satisfied customers
I just got a call out of the blue from a creditor stating
I just got a call out of the blue from a creditor stating that I owe MD $3000 in taxes from 2011. I am confident I filed and paid taxes in 2011 but certainly don't have a return filed from that far ba… read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
Taxes due in USA from the sale of foreign stock (Venezuelan)
Taxes due in USA from the sale of foreign stock (Venezuelan) of a private company sold in February 2015. Stocks were subscribed in June 1995 when the company was created by a Mexican citizen who becam… read more
taxmanrog
taxmanrog
Master\u0027s Degree
944 satisfied customers
I have another question for you. I should have thought about
I have another question for you. I should have thought about this refinance a little more thoroughly than I did. As stated in my previous question to you: I currently have a FHA 30 yr mortgage at 4.5%… read more
Chad EA, CFP ®
Chad EA, CFP ®
CERTIFIED FINANCIAL PLANNER TM, Professional
2,362 satisfied customers
I am looking to start a franchise travel agency with Cruise
I am looking to start a franchise travel agency with Cruise Planners - AmEx. I want to make my business a separate entity from myself and need to file with the state of FL for my business and such. Wh… read more
Chad EA, CFP ®
Chad EA, CFP ®
CERTIFIED FINANCIAL PLANNER TM, Professional
2,362 satisfied customers
I am the solo owner of a C corporation and there are no
I am the solo owner of a C corporation and there are no employees currently. Can the C corp reimburse me to directly pay for healthcare insurance premiums? The premiums will paid towards a Cobra plan … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Is it a good time to buy in Bayarea ( San area) or wait for
Is it a good time to buy in Bayarea ( San Jose area) or wait for 3 more years for market corrections?… read more
Bryan M.
Bryan M.
Owner
Masters of Accountancy
129 satisfied customers
I filed an extension for a partnership. Now the client
I filed an extension for a partnership. Now the client changed his mind and wants to file as a single member LLC. Can he do that?… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I work full time for a company and got a part time
I work full time for a company and got a part time consulting offer. How do i minimize taxes on the income earned from the consulting job?… read more
Chad EA, CFP ®
Chad EA, CFP ®
CERTIFIED FINANCIAL PLANNER TM, Professional
2,362 satisfied customers
This question is based on IRS annual gift amount. I am
Hi, This question is based on IRS annual gift amount. I am taking a loan of 90K from an organization to pay off (2) friends (45k) who I own money for various reason.My family consists of Me, My wife a… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
I have a question about tax and I wonder if you can help me
I have a question about tax and I wonder if you can help me out? … read more
taxmanrog
taxmanrog
Master\u0027s Degree
944 satisfied customers
If we are going to 1099 an individual, what taxes would need
If we are going to 1099 an individual, what taxes would need to be factored? Would it be just SS and medicare or does state income tax need to be factored in as well?… read more
Carter McBride
Carter McBride
LLM
1,077 satisfied customers
On IRS tax form 1120 for a corporation, Schedule L balance
On IRS tax form 1120 for a corporation, Schedule L balance sheet per books, line 10 a and 10 b of the assets section:Line 10a is the acquisition cost of an asset. Line 10b is the accumulated depreciat… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I just started working freelance (self-employed) last month.
I just started working freelance (self-employed) last month. How do I calculate my quarterly taxes? … read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
A close friend has an account at Schwab. She is in her late
A close friend has an account at Charles Schwab. She is in her late 60s, single, no children and the only living relative is an untrustworthy sister. She has asked me to be an additional account holde… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I'm the executor of an estate and have a draft 1041 prepared
I'm the executor of an estate and have a draft 1041 prepared but would like to have a CPA review it with me. Is that a service I can have someone review? Local accountants have either been too busy or… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
My brother is starting a business and wants me to be the
My brother is starting a business and wants me to be the operations manager. He has asked me to set myself up as an s Corp instead of an employee, what does an s Corp do for me vs LLC OR employee?… read more
Chad EA, CFP ®
Chad EA, CFP ®
CERTIFIED FINANCIAL PLANNER TM, Professional
2,362 satisfied customers
When an lender calculates your income to debt ratio does
Hi when an lender calculates your income to debt ratio does this apply to the potential future mortgage Cost? Or just your current debt? Any help would be greatly appreciated… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,129 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x