Posted on 02/11/2011 11:06:01 AM PST by Dr.Deth
A New York court ruled last month that all income earned by a New Canaan, Conn., couple is subject to New York state taxes because they own a summer home on Long Island they used only a few times a year. They have been hit with an additional tax bill of $1.06 million.
Tax experts and real estate brokers say this ruling could boost the tax bill for thousands of business executives who own New York City apartments they use only occasionally. It could also hurt sales in the Hamptons and New York's other vacation-home communities.
(Excerpt) Read more at online.wsj.com ...
I'm sure this will help the property values. Municipalities are going to love what that does to real estate taxes.
all income??
Didn’t they just charge you taxes for the days you were in the state?
Will they soon make all tourists pay full income taxes for visiting?
frees up nice houses and cabins for gubmint bureacrats to move in once the overtaxed sell.
then they can have a loophole created or have a judge reverse his/her ruling and bask in their ill-gotten gains.
I guess it’s time to leave New York.At least it would be for me.
The ramifications of this ruling is the destruction of what is left of the housing market in New York.
I hope to see a lawsuit on this. How can the state of New York levy income taxes on them, for income not earned in New York, to non-residents of New York???
I understand if they own property there, then of course they own property taxes. But how can they owe any income tax when the income is earned in another state, and they are not residents of New York? This is just begging for a lawsuit.
You can, of course, reduce that tax bill to only 50%, so long as you limit your phrases to the word "New".
Connecticut probably taxes 100 percent of their income. New York state may need to battle neighboring states over this ruling. Income can be taxed in only one state.
Of the things I don’t miss about NYS... The retards in Albany incapable of doing the right thing.
Pure geeeeeenious at work on this one - punish people willing to invest and spend money in NY.
lol.
You would think someone would sue
>>> How can the state of New York levy income taxes on them, for income not earned in New York, to non-residents of New York???
I am with you on this one. Whoever proposed this apparently had not think things through, probably thought himself pretty smart.
And the poor chap had no concept about reciprocity.
I moved from NY. Too much govt local or state. Get Out Now Before it’s Too Late.
“We think the decision is wrong. We are evaluating our options including a continuation of appeals,” Mr. Barker said. “We imagine this decision will have a chilling effect on New Your tourism and real estate values among other second and third order effects.”
Tax attorneys said they were unlikely to get the ruling overturned.”
Yeah, the decision is wrong, but tough. This is one of the reasons NY is circling the drain. The grubby NYS legislature isn’t going to do anything about this, either.
We are all World Citizens under Obummer;
no state nor country borders are recognized.
We are now Egyptians too.
Just you wait. Rush and other talk radio hosts, not living in NY or even ever having been in NY, will be taxed on income from NY as a percentage of their audience in NY........I’d bet on it!..............
And if you say “Hymietown” you get a beer distributorship and a congressional seat for your children.
And if you say “Hymietown” you get a beer distributorship and a congressional seat for your children.
And if you say “Hymietown” you get a beer distributorship and a congressional seat for your children.
The guy works in NY according to the article.
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