All Forum Posts by: Robert McDowell

@Brian Pulaski Is it Central Hudson? If so, the balance follows the account holder. Just went through this yesterday with a property in the town of Newburgh. I just told them I was the home owner and provided what forwarding info In had for the previous tenant. They had a $1600 balance. A new account was created under my name with a $0 balance.

@Basit Siddiqi Thank you so much for the reply and detail. Its greatly appreciated.

We are selling our primary residence in NY state (not NYC) and I'm a little confused on how capital gains will be handled at the state level. Thy his has been our primary home since we purchased it 2.5 years ago. I'm expecting to profit around $160k on the sale. I understand the federal rules and understand my tax liability should be zero. I'm under the belief that the same would be true at the state level, but my neighbor got into my head stating it is taxed as long term cap gain in NY. I was wondering if anyone could tell me for sure. I emailed my CPA but he is out of the country until later this week so I'm not expecting a quick response from him. Thanks in advance.

Hi, Native from the Beacon / Newburgh, NY area. I've owned several homes over the years and am now thinking of making the leap into investing. Still trying to find my way and learn the ins and outs. Not even set on wheher to go for a flip or buy and hold as both are equally appealing to me. Anyway, looking forward to learning all BP has to offer and hopefully make some connections in the process.