Partner Yvonne Cort Interviewed on Recent NYS Residency Decision
By Brendan J. O’Reilly
Featuring Yvonne R. Cort, Esq.,
Partner at Capell Barnett Matalon & Schoenfeld LLP
A new court decision is welcome news for Hamptons real estate owners who work in New York but have their full-time residence in another state. It could mean they will no longer be subject to paying New York State income taxes on their worldwide income.
Nelson Obus, a hedge fund manager who lives in New Jersey and works in New York, brought the case, which was decided last month. The court held that his ownership of a vacation home in Fulton County, New York, did not justify New York State considering him a resident for income tax purposes.
Tax attorney Yvonne Cort, a partner at Capell Barnett Matalon & Schoenfeld LLP in Jericho, watched the case and finds the court’s decision to be major for taxpayers. She explained that New York State law provides two ways to define individuals as residents of the state: One, they are domiciled in New York, “which means this is really your home. This is where you live, it’s where your heart is.” Two, they are considered “statutory residents” because they have…
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