Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (10) | Ignore Thread Prev | Next
Author: Donuttopia Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121572  
Subject: State of Residence Question II Date: 12/28/1999 4:04 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0

I've checked the FAQ and the archive, the previous State of Residence thread addressed some of the issues, and matches what I know of the situation.

In general, having a seperate State or residence from the one of employment probably results in a wash since you have to pay the income tax where you earned it. However, I am heading in to a scenario where I suspect my capital gains will slowly climb to be equivalent to my wage income over the next couple years and eventually exceed it. Since I live in CA, my marginal bracket is 9.3%, NV is 0%. The taxes on my cap gains could be paying for the property necessary to makeit my residence.

What are the main gotchas in trying to reside in another state when I spend the predominant amount of time in my work state? I currently own property in CA.

Thanks, I know I should discuss this in depth with my own tax guy, but want to have a better understanding of the basics before I do.

Thanks
Donut
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (10) | Ignore Thread Prev | Next

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Foolanthropy 2014!
By working with young, first-time moms, Nurse-Family Partnership is able to truly change lives – for generations to come.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Macro Economics

Economic Implications of Cuba
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement