i live in PA, work in new york city. bought a house recently in queens, mostly for investment purposes. i am not using the queens house yet...its in a bad neighborhood and have no intention of living there. if i claim PA as my residence in my taxes, am i going to get in trouble with the IRS as i own a closer property to my job?
2007-04-25 09:30:33 · 8 answers · asked by Jack N 1 in Business & Finance ➔ Taxes ➔ United States
No; you live where you live and you are entitled to own an investment property. AS long as you have a PA dr license and probably voter's registration card, there isn't much room for debate.
2007-04-25 09:34:06 · answer #1 · answered by wizjp 7 · 1⤊ 0⤋
The wording of your question sounds ambivalent ... you don't live there "yet" and you bought the house "mostly" for investment. There are some facts missing.
If you maintain your principal residence in PA, then even if you own a home near your work, and perhaps even stay there at times, it would not disqualify you from claiming PA residence. There would be no fraud involved as far as the IRS is concerned.
However, the state of NY may try to come after you if you have a record of the Queens house as your residence.
2007-04-25 16:39:27 · answer #2 · answered by ninasgramma 7 · 1⤊ 0⤋
1. The IRS doesn't care where you live, as long as it is in the USA. They may not care about that either.
2. Form what you say, it sounds like you actually live in PA. If that is correct, claiming PA as your residence is TRUE.
2007-04-25 19:23:54 · answer #3 · answered by STEVEN F 7 · 1⤊ 1⤋
If you purchased the property to hold for investment, with no intention to reside in the property, it isn't your residence. That would continue to be your home in PA.
2007-04-25 16:34:06 · answer #4 · answered by Rene F 2 · 1⤊ 0⤋
Residence is just that--where you reside. If you reside in PA, then that is the answer. Owning a house doesn't change your residence--moving in does.
2007-04-25 16:51:30 · answer #5 · answered by Still reading 6 · 0⤊ 0⤋
No, what you're doing is legal, and you won't get in trouble for it as long as you do live in PA - if that's where you usually spend your weekends, you're fine claiming PA as your residence.
2007-04-25 21:55:08 · answer #6 · answered by Judy 7 · 0⤊ 0⤋
No, that has nothing to do with either your job or your legal residence. The IRS (or anyone else for that matter) does not require you to live in any particular residence regardless of how many you own or what you do with them.
2007-04-25 17:04:22 · answer #7 · answered by Bostonian In MO 7 · 0⤊ 0⤋
You are legal in what you are doing, I belive you have to live in your legal residence atleast 6 months. As long as you have utility bills in your name, I assume you have cars registered in PA and other ties to prove PA residence. you are ok.
2007-04-25 16:35:59 · answer #8 · answered by VTXrider 3 · 1⤊ 0⤋