Chip Chipperson
Well-Known Member
Just a bit of tax trivia:
Most states will tax you on income that is considered earned in their state whether a resident or not.
California goes after out of state professional sport players for their per game imputed income for games played in California. Technically if you go to most states for a convention and get payed a salary, if that exceeds the annual state minimum for taxation they will tax it. Most of the time they are too busy with bigger fish (Like NBA stars).
Here is New York's take on non-residents:
Filing information for New York State nonresidents
www.tax.ny.gov
But one advantage of being a Florida resident is in using your residence to shelter capital.
Income on the other hand is taxable where it is earned.
I am not a tax accountant, nor even an accountant. So take anything I say in that field with minimal authority.
You're correct. Both NY and NJ will tax you on income earned in their state. If you live in NJ but work in NYC, you pay taxes in NJ, NY, and NYC. NJ and PA used to have an agreement related to taxes paid by residents who worked in the other state, but it ended a few years ago because they each felt like the other state was getting the better end of the deal. I don't believe they ever renegotiated a new deal but I could be wrong.