Tom and Lisa P Posted January 28, 2022 Report Share Posted January 28, 2022 We are looking at purchasing a property in New York State and renting it to our daughter and son-in-law. We own no other property. Our residence is the state of Florida through escapees.com. My question is will buying a property in New York State when I don’t own any other property cause us residency issues? Quote Link to comment Share on other sites More sharing options...
Twotoes Posted January 28, 2022 Report Share Posted January 28, 2022 You can own property anywhere without making it your residence. I had 3 rental properties in CA using an Escapees address in So Dakota as my domicile. I did have to file a non resident income tax return in CA for the rental income. Quote 2015 Itasca Ellipse 42QD 2017 Jeep Wrangler Unlimited Rubicon Hard Rock Edition 2021 Harley Street Glide Special Fulltimer Link to comment Share on other sites More sharing options...
Kirk W Posted January 28, 2022 Report Share Posted January 28, 2022 57 minutes ago, Tom and Lisa P said: My question is will buying a property in New York State when I don’t own any other property cause us residency issues? No. Owning property that you do not live in has no implication of domicile at all. It would mean that you would be subject to the NY property taxes on that real estate but nothing more. As long as you have no business ties to NY you should have no problems. Quote Good travelin !...............KirkFull-time 11+ years...... Now seasonal travelers.Kirk & Pam's Great RV Adventure Link to comment Share on other sites More sharing options...
rpsinc Posted January 28, 2022 Report Share Posted January 28, 2022 Sometimes people have broached this subject and I understand the confusion on this. As a comparison, think about how many large investment companies that are headquartered in 1 state but own properties throughout the US without issues like this. The only thing that may come up is that IF you are making any profit on the property, you may be required to file a tax return in that state. Generally those states want tax money from those arrangements. You may also have to file even IF you dont make any profit that way you would have to declare that it makes no profit so a zero return should cover that. Check with a professional in that state just to be sure or you may get that info from the County Tax Collectors office there. Some are pretty good at giving info and some avoid it like the plague. Quote Marcel Link to comment Share on other sites More sharing options...
Twotoes Posted January 29, 2022 Report Share Posted January 29, 2022 2 hours ago, Kirk W said: No. Owning property that you do not live in has no implication of domicile at all. It would mean that you would be subject to the NY property taxes on that real estate but nothing more. As long as you have no business ties to NY you should have no problems. You would pay property tax AND State income tax on any net rental income as a non resident as I already stated. Quote 2015 Itasca Ellipse 42QD 2017 Jeep Wrangler Unlimited Rubicon Hard Rock Edition 2021 Harley Street Glide Special Fulltimer Link to comment Share on other sites More sharing options...
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