What counts as a pied a terre?

No.

Does a building ever actually NOT allow pied a terres? Why would anyone care that you're not sleeping in your own apartment every night? As long as you're not letting OTHER people sleep in it. An absent neighbor is a good neighbor!

If you don't pay income tax as a New York City resident, you might run into trouble in a coop that requires primary residency.

Thanks W81. I am specifically trying to avoid residency (and its tax implications).

"Does a building ever actually NOT allow pied a terres? "

Ab-so-fucking-lutely.

The other thing is the STaR program, which is a reduction in school taxes for your primary residence only.

Your primary residence is where you file your Federal tax return from, and you can only have one of those.

Ask your CPA to be sure about taxes. I think you want a pied and you want to call it a pied and you need a building that allows pieds. (Somebody correct me if I'm wrong, I think it means "feet on the ground.")

{Manhattan real estate agent.}

With owning in NY and residing somewhere else, it gets really complex. If you own in NY, you actually have to disclose in your tax return how many days you spend there, if they are more than 14 days a year. NY will consider you a partial resident and tax all your income accordingly after these 14 days. This is what my accountant told me. I thought NY allowed for much more days....You could double check on this. You might also consider buying as an LLC as well, and attach the tax return for it to your tax return.
By the way, if you live in NJ but spend a lot of time in the city, in case of an audit they will check your credit cards to see how many days did you spend money in the city, and at what times.

i thought you had to spend 6 months out of the city to be exempt from nyc tax.

That's what I thought as well. Looks like as an owner, though, is different. My accountant could be wrong, she told me she has to investigate further. She didn't say I have to pay if I stay more than 14 days, she say I have to disclose in the tax return how many days did I spend, and also, that after a certain amount of days they charge you as a partial resident.

mimi, why don't you just pay your lawful fair share instead of cheating?

forget that, fair share is too polite
why don't you pay what you owe here instead of cheating the state and city of New York?
I hope others flag your illegal posts

Ignore this person: ecopeto. What the F are you talking about?

What??? I reside 5000 miles away, moron. I asked my accountant what will be the case IF I buy in Manhattan, and she answered that.

?? this is absurd, but seriously mimi, if you reside 5000 miles away, then why are you here, and why whould anyone listen to you? crazy cat lady or something

mimi is looking to buy in Manhattan, that's why she's here, & she's been a respected poster on SE for quite a while. Lip, I think YOU need to feed those cats.

I was traveling and not so active in the board for the last couple of months. I can see that there are a few more new lunatics with some anger to spare. What a shame. Nevertheless, I learned so much in this board and met such interesting intelligent people that no angry losers' posts will make me leave.
drdr, thanks for your post.

how did this get to be some support group for mini? Maybe keep things on topic instead of support of some poster and we can get some worthwhile information. mimi, I appreciate your need to learn, but don't seek attention for your own benefit or drdrdrds for your own benefit

I just responded to an attack, while I was just posting some info in response to a question about piede a terres. I don't seee why I shouldn't. And by the way, this is a virtual community. Some of us have been here long enough to really value some posters more than others. There is nothing wrong about supporting a poster. Goodbye now.

OMG, who imagined ladies had such egos about themselves!

Another 'ignore this person'. Mimi, I think I'LL be travelling for a while - these p-e-o-p-l-e......

drdr, are you a man? If so, be a MAN, not some chick support group. Be a MAN.

Mimi/Drdrd: Don't feed the trolls. Actually, it might be only one troll, with about twenty aliases, spamming the whole Streeteasy board today.

West81, I think your broker intuition is on to something

Don't feed the trolls

some buildingds require that you keep your apt as a primary residence -- this is bad for estate planning -- but they consider it more "exclusive"... co-ops only that I know of... Generally not an issue...

I was under the same impression as julia. 6 mo. or less and you are not a resident. mimi, was this a NY accountant? Maybe this was if you worked in NY also? (I don't.)

I found this article: http://www.mofo.com/news/updates/files/update1440.html but nothing about owning vs. renting.

The answer is page 35 of this document:
http://www.nystax.gov/pdf/2008/inc/it150_201i_2008.pdf

I found the answer here:
http://www.tax.state.ny.us/pdf/publications/income/pub88.pdf

Thanks secondandc and mimi!