A friend of mine wants to buy real estate here in New York State as in investment. Does he have to pay property taxes, income tax, or any other type of tax for this state? He doesnt want to live here, he just wants to buy houses to rent out.
2006-12-30 22:24:54 · 3 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Property tax is based on the state, city, town, county, or parish the property is located in. It has nothing to do with where the owner lives. Therefore your friend will have to pay property tax or someone else will pay it for them and own it in 3 to 5 years from a tax sale. Income tax is another animal and depends on the laws of where your friend lives.
Michael
2007-01-05 13:11:30 · answer #1 · answered by Bestbank Real Estate 3 · 0⤊ 0⤋
I know that they will have to pay property tax at the very least. If your friend decides to incorporate in NYS, then he will have to pay $800 a year. Anything over is taxed. I might have to be corrected by someone else later on but I'm very sure he will be exempt from Federal taxes. Anyways, suggest he speak to an American accountant for more details.
2006-12-30 22:31:43 · answer #2 · answered by Kenneth C 6 · 0⤊ 0⤋
He will have to pay property taxes and possibly city, county, state, and federal taxes. Please have him contact a tax attorney. You think you are over-taxed in the UK- we get it bad here too & no socialized medicine .
2006-12-30 23:02:04 · answer #3 · answered by Julia B 6 · 0⤊ 0⤋