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Updated over 1 year ago,
NJ Resident looking to buy first house in Philly
Hi there! I currently have one house that I house hack in Trenton, NJ and so please bear with me but I am not familiar with the Philly side of things at all. I really like the Philly market (specifically Port Richmond) and would like to buy an investment property here, but don't know how this would work with the Philly city tax. I don't intend to live inside the house, just simply rent out the unit and get some cash flow from it. If I remain a NJ resident and this is clearly an investment property, would I be liable to pay the city tax on my income? Just to be clear, I have no problem paying my fair share of any profits to the city but I don't want to become classified as a Philly resident so that my regular W2 gets hit with the city tax, that's my primary concern. Sorry for the dumb question but I kept looking around the Internet for answers and didn't see anyone with quite the same situation. Thanks!