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Old 02-10-2013, 05:52 AM
 
10,494 posts, read 25,803,638 times
Reputation: 6704

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I have tried to google this, and I cannot find a definitive answer. I am a futures trader under trader tax status. I file under section 1256.

TIA
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Old 02-10-2013, 01:28 PM
 
10,494 posts, read 25,803,638 times
Reputation: 6704
Never mind, I have found out I will be taxed. My plan was to move to beautiful San Diego, but I am not willing to be heavily taxed to live there.
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Old 02-10-2013, 01:32 PM
 
Location: Spokane, WA
231 posts, read 553,013 times
Reputation: 242
Washington(no state income tax)
Idaho(state income tax)
Eastern Wasington/Idaho example: One lives in Washington, but works in Idaho, one must pay Idaho state income tax (because one earned it in Idaho). One lives in Idaho, but works in Washington, one must also pay Idaho state income tax (because one resides in Idaho). The state will get their money out of you either way. Of course this does not prove how California operates. My guess would be that California will assert that because you earned it in California or reside in California you must pay California state income tax. I live and work in Washington, therefore pay no state income tax.
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Old 02-10-2013, 01:53 PM
 
Location: Declezville, CA
16,801 posts, read 37,683,661 times
Reputation: 17541
Quote:
Originally Posted by las vegas drunk View Post
but I am not willing to be heavily taxed to live there.
I'm going to channel my inner highnlite: Tax freedom day, 2012:

Nevada: 4/18; Rank: 11
Calif: 4/20; Rank: 14
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Old 02-10-2013, 02:12 PM
 
6,802 posts, read 6,093,207 times
Reputation: 1911
Quote:
Originally Posted by Fontucky View Post
I'm going to channel my inner highnlite: Tax freedom day, 2012:

Nevada: 4/18; Rank: 11
Calif: 4/20; Rank: 14
It's like people can't figure out that the gub'ment pretty much gets ya whether ya realize it or not. The taxman cometh and all that.
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Old 02-11-2013, 09:17 AM
 
5,381 posts, read 8,007,332 times
Reputation: 4537
Quote:
Originally Posted by OGTSO View Post
Washington(no state income tax)
Idaho(state income tax)
Eastern Wasington/Idaho example: One lives in Washington, but works in Idaho, one must pay Idaho state income tax (because one earned it in Idaho). One lives in Idaho, but works in Washington, one must also pay Idaho state income tax (because one resides in Idaho). The state will get their money out of you either way. Of course this does not prove how California operates. My guess would be that California will assert that because you earned it in California or reside in California you must pay California state income tax. I live and work in Washington, therefore pay no state income tax.
Not California bashing, but the California taxman can be very aggressive. I used to live in NYC and happened to sell a bit of stock before moving to CA. Later, I received a letter from our tax friends here telling me they were entitled to some of the proceeds. I proved to them that they were not; and they had to keep their grubby little hands to themselves.

Hey, but nowhere is perfect. In an unrelated matter, a NYC court clerk tried to get me to serve on a jury after I had already sold my Manhattan home and moved away from the city. I had to send her proof of the sale. Even then, she wanted to know if I would voluntarily serve anyway (As a nonresident?????).
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Old 02-11-2013, 09:31 AM
 
Location: San Luis Obispo and Santa Barbara Counties
6,390 posts, read 8,814,819 times
Reputation: 2622
Quote:
Originally Posted by Fontucky View Post
I'm going to channel my inner highnlite: Tax freedom day, 2012:

Nevada: 4/18; Rank: 11
Calif: 4/20; Rank: 14
I have started banging my head on the wall, where does this false information that some states have substantially lower tax rates than CA. It takes very little time to find out, that there isn't much difference between CA and the so called low tax states.

States that have no income tax are frequently held up as examples of paradise. If a state has an income tax it also has deductions and stuff. It isn't particularly difficult to knock down what one must pay the state, whereas, if there is no income tax, it is hard to reduce your taxes owed.
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Old 02-11-2013, 09:32 AM
 
Location: San Luis Obispo and Santa Barbara Counties
6,390 posts, read 8,814,819 times
Reputation: 2622
Quote:
Originally Posted by las vegas drunk View Post
I have tried to google this, and I cannot find a definitive answer. I am a futures trader under trader tax status. I file under section 1256.

TIA
We pay CA tax on our Nevada pensions, go figure.
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Old 02-11-2013, 03:22 PM
 
943 posts, read 1,244,458 times
Reputation: 895
Quote:
Originally Posted by Senno View Post
It's like people can't figure out that the gub'ment pretty much gets ya whether ya realize it or not. The taxman cometh and all that.
Exactly. I'm gonna be taxed wherever I live, so I may as well live where I really want to live. Which is California.
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Old 02-11-2013, 03:43 PM
 
Location: Coachella Valley, California
15,607 posts, read 39,378,796 times
Reputation: 13428
Taxes .... Speeding Tickets ....... it's all the same!

(Oh wait - I have a radar/lidar detector!!! ..... laughs deviously)
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