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Hello,
Not sure if i'm in the right forum, but i will give it a shot..
I own shares in a Co-op building in Manhattan (its currently rented out). I live full time in Long Island. I work 5 days/week in NYC.
The apartment in NYC is currently rented but due to the board limitations of renting only 2 out of every 5 yrs, next April i will no longer be able to rent. At that time, because I step foot in NYC more than 185 days per year AND i have a "place of abode" i will be considered a NYC resident (even though i dont live there). This becomes a problem because my W2 income will now be taxed by NYC also.
Looking for a solution that enables me to keep the apt and not be deemed a NYC resident.
Are there trusts that exist to take ownership out of my name that will help me accomplish this goal?
Ty!
Hi Steven 424 - Do you or anyone else on the forum have a tax and co-law attorney to refer? Thx again!
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Speak to an attorney who specializes in tax and co-op law, AS SOON AS POSSIBLE, about your situation. The rules regarding taxes and residency are very complex and you'll be walking through a minefield. Remember, any advice you receive on here, is worth exactly what you pay for it.
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