tax question - homeowner in connecticut- paying NY taxes?

Question

hi, Im thinking about buying a condo in Connecticut
but I work in NYC- does anyone know what the tax
penalty would be? I know I have to pay double tax
but Im wondering how much....

Answer 1

You do not pay double tax. You report the income on both returns, but you take a credit on one of the returns (probably CT) for the either the tax paid to NY on income also taxed by CT or the tax paid to CT on income also taxed by NY, whichever is less. It is very complicated, but you actually may pay less income tax than living in NY, especially if (1) you have other income that is only taxed by the state where you live and (2) CT tax rates are lower.

Answer 2

As long as you are working in NYC, you will owe NY state and NYC taxes. You will receive a credit on the NY return for taxes paid in CT. There shouldn't be any double taxation.

Answer 3

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