On December 22, 2017, President Trump signed a new tax law, the Tax Cuts and Jobs Act, which made permanent corporate cuts and various individual changes that will expire at the end of 2025. The bill represents the most significant tax changes in the United States in more than 30 years with new tax brackets, modified deductions and credits, and eliminations of personal exemptions. Here is a summary of the most significant changes that will affect you as a taxpayer and what to look for when filing your upcoming tax returns. New Brackets for Income Taxes/Increase of Standard Deductions The… Read more
Tag: taxable income
Revisions to NYS Tax Law on Gain Realized Upon Sale of Co-ops by Nonresidents
New York State has made recent changes to personal income taxation of transfers of cooperative apartments of which you should be aware. The legislature amended the state tax law (§§ 631, 633) to include as taxable income the gain realized from the transfer of co-op apartment shares by an individual, trust, or estate that is not a resident of New York State. Such gain will also be treated as taxable income of the nonresident if the shares are held in a partnership. These changes are retroactive to January 1, 2004. In addition, to assist in the collection of tax on… Read more