I am considering a move from OH to the NY/NJ area with my current employer for a promotion however; I have some concerns. Below are the details of the offer.
Offer includes a $10,000 cost of living adjustment that will decrease by $2,500 the first year and the remaining $7,500 the second year. It appears to me that after two years I will be making less than I originally started with.
I need to sell my home which they will not assist with, and given the state of the economy stand to sell for less than my mortgage amount. They will not compensate for this. Is this something I can write off as a loss?
They are not eager to assist with any closing costs however state that if they do, they would show it as income to me. What is the tax implication for this?
Last, if I live in NJ or CT and work in NYC what taxes am I liable for and how would this effect my take home pay.
In essence, I see this move potentially costing me about $20-$30,000 and my gut tells me a promotion should not cost me. I feel that this along with the income, state, city taxes, as well as mass transit costs I could be setting myself up for a financial mess.
Any light you can shed on this matter would be appreciated.