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Old 03-28-2009, 07:29 PM
 
39 posts, read 77,260 times
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I'm just curious since I'm not familiar with what the tax situation would be in that scenario. Suppose we moved back to CT and my husband continued to work in NYC. Would we then pay Ct state, NY state, and NYC tax? Wouldn't transportation be almost as expensive as owning a car? Metro North RR pass and Subway pass for him? I've heard housing is cheaper, but isn't it kind of comparable to the outer boroughs? I feel the only advantage would be better schools. I've just been really curious about this. if anyone here lives outside of NYC and commutes in I would love to hear your thoughts!
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Old 03-28-2009, 08:17 PM
 
7,081 posts, read 24,778,109 times
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You'll pay NYC tax, BUT that's deductible from your state tax in NJ and CT.

It's hard to cope without a car outside of NYC. But transportation, with a monthly ticket is in the $200 -250/month range for the train to the city, depending on how far you need to travel. Plus the monthly MetroCard. Not nearly as much as having a car, although outside of NYC the insurance is MUCH cheaper.

Housing IS cheaper. Take a look at rents. And the schools are generally, though not ALWAYS better, so private school is not nearly as commonly used outside NYC as in the city. Private schools in the city run about $30,000/year, regardless of the grade. You can do the arithmetic: it's cheaper to live outside NYC, even WITH the car/train costs.

Not to mention that EVERYTHING is cheaper in the suburbs. I always bring back groceries and household necessities from Westchester and do as little shopping in the city as possible.
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Old 03-28-2009, 08:53 PM
 
39 posts, read 77,260 times
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thanks Viralmd. now do you get that money back in your tax return while still paying all of those taxes in your regular paycheck (outside state, Ny state, NYC tax)?
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Old 03-29-2009, 05:53 AM
 
7,081 posts, read 24,778,109 times
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Quote:
Originally Posted by eight26 View Post
thanks Viralmd. now do you get that money back in your tax return while still paying all of those taxes in your regular paycheck (outside state, Ny state, NYC tax)?
Huh? Get taxes back? From whom? Why? As I stated, you get CREDIT on your New Jersey or Connecticut return.
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Old 03-29-2009, 06:07 AM
Status: "I LOOOVE COLORS" (set 7 days ago)
 
30,150 posts, read 27,247,842 times
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although the city looks like a deal when looking at real estate taxes in other areas the city income tax can be a real killer if you sell any investment property or have large capital gains and live in nyc or the boroughs... not only is their almost a 5% tax on the gains from the nyc income tax but there is a nyc transfer tax on the sale and a nys transfer tax.. ill share some of the numbers with you ...


heres some some of the puishment for being a city resident .... on a recent co-op sale this month which we are partners in.. sale was 1.5 million ... and we are 4 partners so below is just our share except for transfer taxes which were on total sale and not tax deductible at all.

21,000 nyc transfer tax
23,000 nyc income tax, that doesnt include nys yet either ,
almost 50,000 with nys tax
8,000 nys transfer tax
83,000 federal tax....


other huge costs were broker fees and legal fees but those are the same regardless where you lived for the sale


nyc income tax get applied to amt penalty too increasing nyc taxes on all your income , even your job

our son who is a partner in nj pays a fraction of the state and local taxes


heck give us the profits and ill gladley pay the taxes but as you see nyc can be a costly place to live in other ways other then earned income taxes and real estate taxes

Last edited by mathjak107; 03-29-2009 at 06:58 AM..
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Old 03-29-2009, 07:31 AM
 
39 posts, read 77,260 times
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Quote:
Originally Posted by Viralmd View Post
Huh? Get taxes back? From whom? Why? As I stated, you get CREDIT on your New Jersey or Connecticut return.
what I was asking was, do you see that credit applied towards your state tax in your paycheck throughout the year, or are you paying both state taxes and NYC tax, and then have the City tax as a credit when filing your state taxes. Is that more clear?
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Old 03-29-2009, 07:47 AM
 
7,081 posts, read 24,778,109 times
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It's a credit when you file.
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