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Old 06-28-2007, 10:44 AM
 
17 posts, read 55,330 times
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I appreciate the comments! I spoke with an insurance broker who gave me the $5000 number. I used Stamfords mil rate to calculate the property taxes. An accountant said we have to pay both NYC and CT income tax.
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Old 06-28-2007, 11:30 AM
 
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Originally Posted by CT Bound View Post
I appreciate the comments! I spoke with an insurance broker who gave me the $5000 number. I used Stamfords mil rate to calculate the property taxes. An accountant said we have to pay both NYC and CT income tax.
Your accountant is wrong. If your primary residence is in CT, you do not have to pay NYC income tax. You simply fill out a form which states that you are not a resident of New York state. I worked in NYC, but lived in CT. I filled out the exemption form and never had to pay NYC income tax.

This website provides some explanation of the NYC tax. Personal Income Tax (broken link)
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Old 06-28-2007, 02:57 PM
 
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2006 Personal Income Tax

New York City imposes a personal income tax on City residents. The tax is based on the New York State personal income tax. Every income-earning individual who resides in New York City and every estate and trust must pay New York City personal income tax.

Nonresidents who are employees of the City of New York must pay the City each year an amount equal to the personal income tax they would owe if they were City residents. Nonresidents in this category are required to file NYC Form 1127.

The City personal income tax is graduated, based on the filer's income
from 2.907 percent to 3.648 percent. In addition to the basic tax, the City, like the State, imposes an add-on minimum tax on the same tax preference at a rate of 2.85 percent.
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Old 06-28-2007, 03:14 PM
 
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Originally Posted by CT Bound View Post
2006 Personal Income Tax

New York City imposes a personal income tax on City residents. The tax is based on the New York State personal income tax. Every income-earning individual who resides in New York City and every estate and trust must pay New York City personal income tax.

Nonresidents who are employees of the City of New York must pay the City each year an amount equal to the personal income tax they would owe if they were City residents. Nonresidents in this category are required to file NYC Form 1127.

The City personal income tax is graduated, based on the filer's income
from 2.907 percent to 3.648 percent. In addition to the basic tax, the City, like the State, imposes an add-on minimum tax on the same tax preference at a rate of 2.85 percent.
Are you or your husband working for the City? If not, and you're living in CT, you're exempt from the NYC tax.
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Old 06-28-2007, 08:05 PM
 
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My husband would potentially work in Manhattan and we would live in CT.
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Old 06-28-2007, 08:14 PM
 
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This does not mean an "employee of the city" as in working directly for the city. It means employed within the city limits or working in the city. It's on NYC Form 1127 "nonresident employees of the city". You should read this again. You are very wrong. We have spoken to several accountants. If you did work in NYC and live in another state - you either had the tax withheld from your paycheck or paid it and didn't realize. Or maybe you'll be getting a bill really soon. IT-203-I General Information page 5 states " Nonresidents - New York source income" "...a business, trade, profession, or occupation carried on in New York State."
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Old 06-29-2007, 12:06 AM
 
Location: Tuxedo Park, NY
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No comment on the CTres/NYwork taxes however otherwise...

The train may be a tad more expensive...
I would try my hardest to figure out a way around the parking space cost(maybe carpool or something) because an extra $3600 is insane...
Expect a bit more for heating/cooling on 4000sq/ft. I lived in 3600sq/ft and it was about $4200/year...
$20,000 for property tax sounds about right depending on where you live, however, if you look in Greenwich, the taxes are quite low. Only problem is finding 4000sq/ft in Greenwich for $1mil...
Home insurance won't come close to 5 grand, but more around $1400 tops if you're on the water and that throws the possibility of owning for a million out the window...

Moving on a little, if you haven't found a property yet and you're looking for a Santa Monica-esque town, check Westport, Greenwich and certain sections of Darien.

Good luck with everything.

Matthew
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Old 06-29-2007, 01:53 AM
 
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Thanks Matthew!!!
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Old 06-29-2007, 09:06 AM
 
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I lived in Hoboken years ago and worked in the city. I had to pay NYC tax.
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Old 06-29-2007, 10:15 AM
 
Location: Cheshire, Conn.
2,102 posts, read 7,731,083 times
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Quote:
Originally Posted by Ithaca04 View Post
I lived in Hoboken years ago and worked in the city. I had to pay NYC tax.
The New York tax laws were modified in 2000 (retro to 1999) with regard to "New York City non-resident." At first, this meant any New Yorker who did not reside in New York City (Bronx, Manhattan, Brooklyn, Queens, or Staten Island) but worked in NYC was exempt from NYC personal income taxes. New Jersey immediately sued and won (late 2000/early 2001 retro) thereby eliminating the NYC personal income tax for its residents in a reciprocity agreement.

As late as 2004 Connecticut residents who worked in NYC were not included as part of the definition of "New York City non-resident wage earner." However, according to the New York State Department of Taxation (1 800 225-5829), they have been exempt for the last several years. (I called this number this morning.)

They went on to say that as of right now, Connecticut residents working anywhere in New York state (including NYC) are still subject to New York State personal income taxes.
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