All Forum Posts by: Robert Cosman

My concern is that being out of state, New York might have some law that allows them to tax me for more than just the income from the property in New York.  They have a law that if you have a 2nd home in NY that is vacant then they consider you a resident and tax all of your income.  I know that doesn't apply here, but I don't know if there are any other "get you" laws like that that I don't know about.  I'm curious to know if somebody that is currently investing in rental properties in NY who doesn't live in that state has had any problems or has any recommendations to avoid taxation beyond just the income made in NY.  For that matter, any recommendations on anything that would have made the process easier.

I have an opportunity to invest with a partner who lives in Syracuse, NY.  There are some really good deals to be had with good cash flow, and he is willing to do a lot of the work.  I'm worried about possible tax issues since I live in Virginia.  New York is super aggressive on taxation.  Does anyone have experience owning rental properties in New York (not NYC) that can tell me if it is worth it?  I'm not sure what I don't know that I should know before getting involved with NY.  Anything I need to avoid or know about?  Thanks for your advice and experience!