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Bambu, Both Buyer and Seller in New York

If I live in Naples but own property in NY, do i pay income tax on my rental income?

Asked by Bambu, New York Tue May 1, 2012

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12
Are New York and Naples part of the United States...and subject Federal income tax?...Suggest you consult a TAX PROFESSIONAL.They can give you some guidance
1 vote Thank Flag Link Tue May 1, 2012
Really a question for a tax professional, but you will pay federal taxes, Schedule E, Rental Income minus depreciation and expenses. http://www.naplesrealestateguys.com/blog/
0 votes Thank Flag Link Wed May 2, 2012
Thanks all, I figured it was too good to be true.
0 votes Thank Flag Link Wed May 2, 2012
0 votes Thank Flag Link Wed May 2, 2012
Certainly it's always best to get tax advise from a CPA or tax attorney, but I have to agree somewhat with Maurice's statement below. I think if you have income in the U.S., it is going to be subject to income tax no matter where you live. Even foreigners are required to pay income tax on rental income in the U.S.
0 votes Thank Flag Link Wed May 2, 2012
Most l;ikely the answer is yes, however I would talk to my accountant about that. It would depend on a lot of variables - Realtors are not expected to know real estate & tax codes. Hopes this helps.
0 votes Thank Flag Link Wed May 2, 2012
That is a question that must be answered by your CPA, not a Realtor.
0 votes Thank Flag Link Tue May 1, 2012
Hi Bambu,

As you have already read by now, consulting a tax expert or your CPA is the place to start for information related to your question. If you are interested in buying or selling real estate, you've got some great choices on this forum from which to choose.
0 votes Thank Flag Link Tue May 1, 2012
If you need assistance with this question I can refer you to my South West Florida accountant who is also a CPA in New York. Laws are different in each state.
0 votes Thank Flag Link Tue May 1, 2012
Dear Bambu: Good question. A tax expert versed in NY tax may be helpful. If you need a referral to a NY or Naples tax expert(s) please let me know. Steve Moller, Realtor 239-963-1262
0 votes Thank Flag Link Tue May 1, 2012
I agree with Anna, consult a tax professional. I am not a tax professional, but to my knowledge and in my experience yes you do pay tax on your rental income. If the property is rented on a short term basis it can be subject to certain local and state taxes such as hotel and lodging tax too.
As they say, only 2 things in this life are certain- death and taxes.
Real estate has many tax advantages though as opposed to other investments, so be sure to consult a cpa that has specific property knowledge that can take advantage of those benefits for your specific situation. Best of luck to you and your investment, Danny Barto
0 votes Thank Flag Link Tue May 1, 2012
When it comes to any tax related questions, it's always best to consult with your tax professional and or attorney.....
0 votes Thank Flag Link Tue May 1, 2012
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