My bank is in Texas and I am a New York Resident. Do I have to pay NY State Taxes on my interest?I moved to NY in Feb of 2008. I kept my bank in my home state of Texas, where I have CDs that have accrued income, and I have a 1099 INT. All my W-2s and wages are from when I lived in NYC. My question is, do I have to count the interest I earned on my CDs as part of my NYC income? I know it's included on... |
Yes. You have to report all interest earned to New York State for taxation where ever the money is held.
Richard K
Master Tax Advisor
Enrolled Agent
This advice was based upon my understanding of the tax law in effect at the time it was written as it applies to the facts described by you.
See my profile for more information.
Yes. It makes no difference where the bank is. It is where you are that counts.
