Escape from New York City: The Pandemic and Its Tax Implications
The phrase “unprecedented times” has often been repeated in the news when reporting about the current Covid-19 pandemic. Truth be told, we are not living in precedented times at all. In fact, if you know your global history, the world has experienced many plagues and pandemics far worse than the one it is experiencing now. However, there are aspects of this pandemic that lend itself to being described as unprecedented. For example, the virus itself acts in ways that scientists have never witnessed before in the life cycle of other viruses.
In a similar vein, New York City is experiencing events that are unprecedented. It is observing a mass exodus of its residents. They are moving out of the City to other parts of the state or out-of-state. With this mass exodus comes the questions being asked by taxpayers as to the implication a change of residency has on their 2020 tax bill. There is a lot of misinformation being circulated in the press and elsewhere that is convincing taxpayers a move out of New York City will reduce, if not eliminate, their City taxes. Cited here is a thumbnail’s sketch of the rules and regulations associated with residency and taxes. It is being presented here in the hope that it will prevent you, the reader, from making a grievous error. Consider this message wholeheartedly and you just may avoid being hit with a hefty City income tax bill comes Tax Day 2021.
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