N.Y. Comp. Codes R. & Regs. tit. 20 § 132.3

Current through Register Vol. 46, No. 22, May 29, 2024

Section 132.3 - Items attributable to real or tangible personal property in New York State

Tax Law, § 632(b)(1)(A)

(a) The New York adjusted gross income of a nonresident individual includes items of income, gain, loss and deduction entering into his Federal adjusted gross income which are attributable to the ownership of any interest in real or tangible personal property in New York State. Thus, New York adjusted gross income includes rental income from real or tangible personal property in New York State or any interest therein after deducting ordinary and necessary expenses attributable to the ownership, operation or maintenance of such property.

(b) The New York adjusted gross income of a nonresident individual does not include items of income, gain, loss and deduction attributable to the ownership of any interest in real or tangible personal property located outside New York State, even though rental payments in respect of the property may be made from a point within New York State.

N.Y. Comp. Codes R. & Regs. Tit. 20 § 132.3