Stocks, Investment, and Real Estate Questions Answered by a NYC Tax Specialist

As a resident of NYC, you have to pay New York City tax on your worldwide income regardless of that source.

What defines a short-term capital gain is if you have held an asset- property, stock, cryptocurrency, etc- for less than 12 months. If you have held it longer than 12 months, that makes it a long-term capital gain.

When it comes to stocks, bonds, interest dividends, and cryptocurrency, there is no way to defer it. When you earn the income or sell the asset, that’s when you’re going to be taxed.

When it comes to rental, real estate, or Airbnb income, you have to pay NYC taxes at the state and federal levels. You do not have to pay taxes if it is your own personal home that you only rented out for 14 days or less on the calendar year.

If you’re not a New York resident, but you earned money in New York, you will have to pay taxes.

When it comes to reporting foreign income, you do not want to mess around because the penalties are becoming more and more significant. To avoid any penalties, make sure that you’re accurately reporting and paying.