Credit: Pressmaster/Shuttertstock.com The Significant, Yet Often Ignored, Tax Consequences of Moving Out of New York and the US
It is important to revisit and understand the rules that apply to determine a person's tax residency at the state and federal level. Part I of this article focuses on the rules relating to (and the tax consequences associated with) a change in residency for New York state tax purposes. Part II of this article will focus on the rules relating to (and the tax consequences associated with) renouncing U.S. citizenship.
January 20, 2022 at 10:00 AM
16 minute read
Tax
One potential fallout from the COVID-19 pandemic, especially as many employees have shifted to remote work permanently, is that federal and state tax authorities may increasingly scrutinize a person's claimed tax residency. Whether enticed by the flexibility of remote work or concerned about living in populated areas, many people have picked up and moved elsewhere because of the pandemic. New York, a state among the hardest hit by the pandemic, experienced a large exodus of people relocating outside of the state and, in some cases, even outside of the United States completely.
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