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Old 02-05-2009, 09:21 PM
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Sold rental property in non resident state

My husband and I sold an inherited house in New York in Feb 2008 and we live in GA. For ten years, I have filed my our taxes (manually and last 3 yrs Turbo Tax) but I am unsure what to do this year since I was advised that we will need to file a non resident income tax return. At closing we had to pay $7,484 for NY non resident estimated tax payment and the attorney said we would receive a credit for the amount. I am confused about what extra forms I need to fill out this year and if I should still do it myself or get a tax professional.



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Old 02-06-2009, 09:03 PM
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I would definitely advise that you seek a qualified CPA or tax professional who is qualified to file multi-state tax returns. You are certainly required to file a NYS tax return due to the fact that you are required to report the sale of the rental property in the state of NY.

I suspect that the taxes paid at the time of closing will substantially offset all of the NYS tax liability that would be due to profit on the sale of the rental property, if any. You may possbily be entitled to a tax refund as well if you overpaid on your NYS tax.

If you have not used Turbo-Tax for filing prior year Multi-Tax returns, I would certainly not take a chance this year, and I would hire a tax professional who has experience in filing multi-state tax returns. This way, you would be certain that the tax return would be correctly filed.

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