Girlfriend wants to relocate to Orono, residency tax question

[Lear45]

For those that asked, I've done many different things, all finance and real estate related.

My latest focus has been optioning credit defaults from small, specialized, and regional lenders and packaging them in to like kind pools to move to collection acquisition firms that specialize in specific types of debt. My biggest focus is personally guaranteed sole member LLC receivables, SBA, and consumer rental deficiencies (lease defaults mostly from REITS, and large multi-family property owners).

The key with avoiding state specific income taxation is never closing on default pools, because collecting even a penny from servicing activities would require taxation on the amount earned from servicing a loan in the borrower's home state. I only flip them in the form of assignments without ever taking ownership, only earning a broker fee.

My plans for the future are branching into multi-family properties, and TLI (Tenant Loss Insurance) which guarantees a property owner the obligations owed to them if their tenant was to default.

[Lear45]

Originally Posted by golfgal

Infrastructure is more then just roads-it is also about support services, which is what we are talking about-along with the fact that roads in SD are in far worse shape then they are in MN.


If you already know all the answers, why are you asking in the first place??

I hope you don't mean social services and an overpaid state workforce because those are both the largest problems causing high taxes in the first place.

I'm pushing for MN to become competitive. For example, Texas has no income tax, and since 2008 has lowered fees and other taxes, etc. In doing so, Texas had more job growth than all of the other 49 states combined. Other states like AZ, FL, etc are drastically cutting entitlement programs and lowering taxes as well. Texas and Florida also lead in stealing millionaires from all other states, with the majority of them coming from the high tax blue states in the NE like NY, NJ, etc and MN in the upper mid-west.

There are seven states that have no income taxes: FL, TX, SD, WA, NV, AK, and WY. Then there are two more TN and NH that only tax interest and dividends. These states are in a much better position to capitalize on long-term job growth due to attracting business (those that create businesses).

[Glenfield]

Originally Posted by Lear45

HaHa!!! Are you for real? If that was the case I would leave the U.S.

I would think that a guy who is so financially sophisticated like you would know that U.S. citizens pay U.S. income taxes regardless of their country of residence. I would think that you would also know that there have been cases where U.S. citizens have renounced their citizenship in order to escape paying U.S. income taxes but the IRS refused to accept their renouncement as valid saying that since it was done merely to avoid paying U.S income taxes it was null and void and they owed the U.S government anyway. How come a guy with all this financial acumen like you doesn't know basic things like this or whether state revenue departments audit their residents? How do you explain this because I think your credibility is in serious question here.

[northstar22]

I don't want MN to be "competitive," I want it to be just. I like how MN makes the rich pay their fair share -- although not nearly enough. Texas is a terrible state, mismanaged, and it will be in deep debt someday when the boom stops.

Personally, I think Minnesota should raise taxes on the rich and get us universal, single-payer healthcare.

[northstar22]

Originally Posted by Lear45

HaHa!!! Are you for real? If that was the case I would leave the U.S. If for some reason I stayed, I would refuse to work just like everyone else would leaving you to pay our bills.

Most countries have higher taxes than the US. Canada has higher taxes, and its a much better country, in my opinion. I wish MN would join Canada.

This guy is so lost. I would love to see what you look like. I picture some lost hick in the middle of no-where, in his 50-60's who never amounted to anything and blames all his problems on those more successful than him.

I'm 24, I'm not lost, but I do live in the middle of nowhere. I don't care about your type of "success." I don't measure success in dollars and cents.

Pay my fair share? I can guarantee the amount I pay annually in taxes is at least 100x more than you, so why don't you pay what I pay, and than you can talk.

I don't make what you do. I pay my fair share. The rich should pay more in taxes.

[Lear45]

Originally Posted by Glenfield

I would think that a guy who is so financially sophisticated like you would know that U.S. citizens pay U.S. income taxes regardless of their country of residence. I would think that you would also know that there have been cases where U.S. citizens have renounced their citizenship in order to escape paying U.S. income taxes but the IRS refused to accept their renouncement as valid saying that since it was done merely to avoid paying U.S income taxes it was null and void and they owed the U.S government anyway. How come a guy with all this financial acumen like you doesn't know basic things like this or whether state revenue departments audit their residents? How do you explain this because I think your credibility is in serious question here.

Yes, well aware. I was saying that half jokingly in order to respond to the socialist that wants everyone in MN to pay 95% of their income to some taxing authorities.

[uptown_urbanist]

Since the OP sounds like he has a plan, has shared his advice, doesn't appear to be looking for additional advice or feedback, and has heard the opinions of a variety of Minnesota residents regarding his plans, let's call it a day on this thread before it veers into purely personal attacks.