Just an idea at this point. Any pitfalls or potential I am not considering?http://leg1.state.va.us/cgi-bin/legp504.exe?000+cod+23-7.4From my reading of the state law, you would have to abandon your PA residence completely. That probably means you'll need to be removed from the title on the PA property. "For the purposes of this section, the domicile of an unemancipated minor or a dependent student 18 years of age or older may be either the domicile of the parent with whom he resides, the parent who claims the student as a dependent for federal or Virginia income tax purposes for the tax year prior to the date of the alleged entitlement and is currently so claiming the student, or the parent who provides the student substantial financial support."Part of your post mentions multiplying his options. Under the definition of domicile, it states no individual may have more than one domicile at a time. Now the above paragraph says the domicile of the dependent student maybe the domicile of the parent of A, B or C. You don't have to meet all three conditions. It appears you are choosing B which is parent who claims the student as a dependent for federal or Virginia income tax purposes. You definitely don't meet A since he is living in PA. You could meet C if you should you are providing substantial financial support.The problem comes in with the definition of domicile. It states "individual" which can mean the dependent student too. You are probably playing a dangerous shell game if you claim his domicile is VA on VA college applications and his domicile is PA on PA college applications. That would be more than one domicile for the student.
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra