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Old 08-29-2011, 11:39 AM
 
5 posts, read 9,744 times
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We are moving to Michigan from California to be closer to our Grandsons and Daughter. We own our home here in California and want to keep it so we are going to lease it out. Does anyone know if we have to do anything special regarding property taxes, income tax, insurance etc? Since the home in Michigan will be our main residence will the one here in California then become a secondary residence? If so, what are the issues with that? Also, should we buy the home in Michigan outright or carry a mortgage? There are a lot of tax advantages to us moving to Michigan (1) they don't tax federal retirement income (2) homes are way less to buy (3) more for you money in general and the list goes on. Because we are retired we can travel during the winter months to get out of dodge when the weather is bad Thanks in advance for the advise if you offer any. This post may not be in the right forum and if not please let me know.
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Old 08-29-2011, 12:33 PM
 
Location: somewhere between Lk. Michigan & Lk. Huron
5,585 posts, read 824,398 times
Reputation: 1371
Quote:
Originally Posted by MerrysMom View Post
We are moving to Michigan from California to be closer to our Grandsons and Daughter. We own our home here in California and want to keep it so we are going to lease it out. Does anyone know if we have to do anything special regarding property taxes, income tax, insurance etc? Since the home in Michigan will be our main residence will the one here in California then become a secondary residence? If so, what are the issues with that? Also, should we buy the home in Michigan outright or carry a mortgage? There are a lot of tax advantages to us moving to Michigan (1) they don't tax federal retirement income (2) homes are way less to buy (3) more for you money in general and the list goes on. Because we are retired we can travel during the winter months to get out of dodge when the weather is bad Thanks in advance for the advise if you offer any. This post may not be in the right forum and if not please let me know.
I don't have an answer; whether or not you get answers from this thread,,, you could try posting in the Michigan thread.
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Old 08-29-2011, 02:45 PM
 
5 posts, read 9,744 times
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Thank you, I will try the Michigan site.
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Old 08-29-2011, 04:10 PM
 
Location: On the sunny side of a mountain
3,183 posts, read 7,030,292 times
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Actually I would post this in the Real Estate forum.

Generally if you are leasing a home out it is not your second home since you won't be living there. You will then be receiving income from it and will be taxed on that but can write off things like mortgage interest, maintenance, taxes, management fees etc... If you need to offset your income you may want a mortgage on the new house in Michigan, but that is really a discussion to have with an accountant to help position yourself in the best way financially.
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Old 10-01-2012, 04:47 PM
 
5 posts, read 10,329 times
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Default Moving to Michigan

Hi there.. we (wife and me in 30's) are planning to move to Michigan because i got this job offer in van buren township area.

I have no idea of this place and which near by city or town i should rent but just know that it is very different from northern California. Will very much appreciate any help or useful tips on my move.

I am looking for any clean and safe area to live. What are things to do and how are people there.

Thanks in Advance.
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