[CNBC Television] Why New Yorkers who left the city in March still have to pay income tax

🎯 Загружено автоматически через бота: 🚫 Оригинал видео: 📺 Данное видео принадлежит каналу «CNBC Television» (@CNBCtelevision). Оно представлено в нашем сообществе исключительно в информационных, научных, образовательных или культурных целях. Наше сообщество не утверждает никаких прав на данное видео. Пожалуйста, поддержите автора, посетив его оригинальный канал. ✉️ Если у вас есть претензии к авторским правам на данное видео, пожалуйста, свяжитесь с нами по почте support@, и мы немедленно удалим его. 📃 Оригинальное описание: Many high-earning New Yorkers left the city back in March at the peak of the pandemic. Now they’re hoping they can get a break on their city income taxes. CNBC’s Robert Frank reports. For access to live and exclusive video from CNBC subscribe to CNBC PRO: Whether you’re hiding from the pandemic at your beach house or your cabin in the woods, the taxman is on your trail. It’s been five months since the coronavirus hit the U.S. and forced millions of people to hunker down indoors. The pandemic has nudged some individuals to flee their primary residence for other abodes, be it a second home or a relative’s house. Indeed, just over 1 in 5 adults have either relocated due to the pandemic or know someone who has, according to data from Pew Research Center. The organization polled 9,654 individuals in June. The length of the pandemic is starting to raise some complicated questions for families that have moved to different states: Are they deemed residents of their adopted state? Better yet, could they be on the hook for taxes in multiple locations? “People are leaving New York, not just hanging out in the Hamptons,” said Mark Klein, tax attorney and partner at Hodgson Russ in New York. “It used to be that they’d move to Florida, but now it’s Wyoming, Texas, Tennessee,” he said. “People from California are moving to Nevada.” Meanwhile, as states’ budgets have suffered, individuals suddenly claiming residency in a tax-friendly location can expect their former home state to push back. “States are between a rock and a hard place,” said Klein, noting that pursuing these taxpayers might be easier than raising taxes on residents or slashing spending. “I think the auditors are going to look a lot harder,” he said. “States are likely to get really aggressive.” States generally have two tests to determine residency. To be considered a statutory resident — and taxed as a resident of that state — you had to have spent 183 days there during the year and you must maintain a permanent place of abode there. The domicile test considers five key aspects that determine whether your true home is, in fact, in that state. Here are the five, according to Klein: your domicile – your true home base and not just the place where you maintain a residence – the location of your business, the time spent in the state, the location of your cherished possessions and where your family resides. Your new living arrangement in a tax-friendly locale may feel permanent, but your home state isn’t likely to let that stand. » Subscribe to CNBC TV: » Subscribe to CNBC: » Subscribe to CNBC Classic: Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide. Connect with CNBC News Online Get the latest news: Follow CNBC on LinkedIn: Follow CNBC News on Facebook: Follow CNBC News on Twitter: Follow CNBC News on Instagram: For info on the best credit cards go to CNBC Select: #CNBC #CNBCTV