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Author: kcesp One star, 50 posts Old School Fool Global Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121482  
Subject: buy residence in no income state, work elsewhere Date: 3/24/2008 7:10 PM
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Fellow Fools, I posted the following on the Ask a Foolish question board and received advice to try here.

If you reside in a no income tax state and work in another, do you have to pay state income tax? I'm getting ready to retire (looking at Florida, a no income tax state) and my company (in Virginia) wants me to stay on to consult. I can consult from another location. Just exploring the possibilities of being able to receive income from a state where income is taxed and maybe not being liable for the tax if I live elsewhere.

thanks,
Ken
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Author: JAFO31 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 99716 of 121482
Subject: Re: buy residence in no income state, work elsew Date: 3/24/2008 7:32 PM
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kcesp: "Fellow Fools, I posted the following on the Ask a Foolish question board and received advice to try here.

If you reside in a no income tax state and work in another, do you have to pay state income tax?'


Probably yes. The state in which you work will likely expect income tax on the income earned in state (subject to tax treaties).

The resident pros will elaborate.

If you are consulting, will you be working in Virgina (on-site consulting) or will you be working from Florida? i believe that it may make a difference?

Regards, JAFO

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Author: irasmilo Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 99719 of 121482
Subject: Re: buy residence in no income state, work elsew Date: 3/24/2008 8:08 PM
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JAFO has it right on all counts. You always pay tax to the state where you work (except if that state has a reciprocal agreement with your resident state). Living in a "no income tax" state will have no effect.

Ira

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