Best private schools for UK children in New York state
May 6th 2022, 5:09 pm
#16
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Re: Best private schools for UK children in New York state
Thank you so much for responding, so the house is part of the package he is getting with the job
She didn't say anything about cash, nor that her husband's employer is providing it
May 6th 2022, 5:11 pm
#17
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Re: Best private schools for UK children in New York state
She didn't say anything about cash, nor that her husband's employer is funding the purchase. 
You seem to be inferring information that not only wasn't provided but is contrary to the usual way things are done - "normally" a question like this means that the person asking has a $500k budget, and we don't know if they [1] have the means to buy out-right, or [2] are planning to obtain a mortgage, but the latter, [2], would be bar far the most common route. .... That said, neither of these have any tax implications, other than any minor duty/ taxes on closing which would apply in any case, no matter how the house was funded/financed. So I can't imagine what it is that you are not able to imagine.
You seem to be inferring information that not only wasn't provided but is contrary to the usual way things are done - "normally" a question like this means that the person asking has a $500k budget, and we don't know if they [1] have the means to buy out-right, or [2] are planning to obtain a mortgage, but the latter, [2], would be bar far the most common route. .... That said, neither of these have any tax implications, other than any minor duty/ taxes on closing which would apply in any case, no matter how the house was funded/financed. So I can't imagine what it is that you are not able to imagine.
May 6th 2022, 5:12 pm
#18
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Re: Best private schools for UK children in New York state
Tax in our town is about ~11000/year on a 1.1 million home. We dumped a sack of cash to buy it with no 'you paid with cash tax!' 
May 6th 2022, 5:13 pm
#19
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May 6th 2022, 5:14 pm
#20
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Re: Best private schools for UK children in New York state
Ah now I get it. hmm I wonder if the 500k is taxable....
May 6th 2022, 5:18 pm
#21
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Location: Dixie, ex UK
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Re: Best private schools for UK children in New York state
20 years ago we were facing $10,000-ish annual property taxes on homes in the $400k-$500k range in greater NYC. I expect that taxes on $1m houses in that area today would be in the $25k-$30k range, and I wouldn't be surprised if they were even higher.
Last edited by Pulaski; May 6th 2022 at 5:24 pm.
May 6th 2022, 5:19 pm
#22
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Re: Best private schools for UK children in New York state
I think you are right, and that does exist here in MA as well, which is insane (?). I always feel NYC smells of p$ss so I only go for small doses (to visit, not the p$ss)
May 6th 2022, 5:23 pm
#23
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Location: Dixie, ex UK
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Re: Best private schools for UK children in New York state
If the $500k is a lump sum award/ bonus, I would estimate that the withholding tax would be $200k (44%) to cover federal (37%) and NY state (6.85%) income taxes .... and it will probably be higher as I suspect that there will be a social security deduction made too. In short, after taxes, I would expect to receive only about 50% of the nominal amount.
May 6th 2022, 5:24 pm
#24
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Re: Best private schools for UK children in New York state
If the $500k is a lump sum award/ bonus, I would estimate that the withholding tax would be $200k (44%) to cover federal (37%) and NY state (6.85%) income taxes .... and it will probably be higher as I suspect that there will be a social security deduction made too. In short I would expect to receive only about 50% of the nominal amount.
May 6th 2022, 5:29 pm
#25
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Re: Best private schools for UK children in New York state
May 6th 2022, 5:31 pm
#26
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Re: Best private schools for UK children in New York state
To turn the discussion and advice on it's head, if the employer is willing to fund a house in the ball-park of $1million, then the cash award/ bonus would need to be grossed-up to $2million so that $1million is left after taxes. ..... Then the OP and her husband only have to find $30k each year to pay the property taxes!
May 6th 2022, 5:41 pm
#27
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Re: Best private schools for UK children in New York state
is why there is a steady stream, every single day of moving vans relocating people relocating south from MA, CT, NY, and NJ to, most notably, NC, GA, FL, and TX. 
May 6th 2022, 5:45 pm
#28
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Re: Best private schools for UK children in New York state
Making a lot of assumptions, given OP has kids and she can not work (?) depending on the visa.... I hope income is $250k plus, as well as relocation of a million so the $500k is actually in their hands
May 6th 2022, 8:16 pm
#29
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Re: Best private schools for UK children in New York state
houses in Greenwich and New Cannan
will be a lot more expensive. Stamford may be more reasonable and has many more trains that stop there.
Last edited by tht; May 6th 2022 at 8:39 pm.
May 6th 2022, 8:27 pm
#30
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Re: Best private schools for UK children in New York state
Last edited by christmasoompa; May 6th 2022 at 8:29 pm.