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Financial Planning / Paying For College
|Subject: split residency||Date: 12/11/2012 6:09 AM|
|Author: inparadise||Number: 7985 of 8222|
We live in PA and own a place in VA. With Youngest approaching college age, we are looking at the possibility for me to establish residency in VA to multiply his options for in-state tuition. DH would join me in VA after he retires and Youngest graduates high school.
I am assuming I would have to do things like get my license there, register my car, register to vote, and pay VA taxes on my limited investment income. I would commute back and forth to PA and probably not get a job beyond continuing to work on our place. We would have to file separate state taxes, but hope to be able to still file federal taxes jointly.
I suspect I would have to do this at least 12 months before Youngest graduates. We already have our place, and are not renting it out.
Just an idea at this point. Any pitfalls or potential I am not considering? Yes, I realize Youngest may not choose or get accepted to a school there.
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