July 21, 2022
Bloomberg Tax published an article by Partner Barry Halpern and Senior Manager Lisa Haime, about the potential tax consequences of owning a vacation home in New York for non-New York residents.
Bloomberg Tax
By Barry Halpern, Partner, Tax & Business Services & Lisa Haime, Senior Manager, Tax & Business Services
Excerpt:
New York taxes residents on all of their income, including intangible income, regardless of source, while nonresidents are subject to tax only on New York-sourced income. If owning a vacation home makes you a resident, you could end up paying a lot more tax to New York than you anticipated.
