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Location: Big Island- Hawaii, AK, WA where the whales are!
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OK Looking at buying a house on Big Island Hawaii. There would be no loan, unless down the line I did an equity loan. If I did an equity loan would this change??
I am a WA state resident and want to keep it that way for state income tax purpose and been WA state resident over 30 years. However now I work in Alaska summer. I file all my taxes in Washington. Banks in each state. Offical mailing address WA and forward to other states. No employment in Hawaii. WA DOL.
If I purchase house and put it as my primary home as it would be the only offical house in my name. Am I becomeing a Hawaii resident then? Even if I am in Hawaii only 6 months out of the year? Or do I still get to keep my Washington status. Or after a years ownership will it be changed weither I want it to. I haven't really been able to find answer.
If I make an offer I was told it would be my primary-? as it would be my only house.
Hopefully I made sense in my question. I realize I would not recieve property tax exempation if not becoming a Hawaii resident.
(By the way no I can't be a Alaskan resident because you have to live for at least one year time period and that is never gonna happen. And I am supposed to get an Alaskan DOL while there but have not.)
I posted on Hawaii forum also. Thanks for any ideas!!
Owning a house in Hawaii does not make you a resident. Where do you vote, have a driver's license, have a business, etc? Yes, you definitely need a CPA to advise you of the tax implications not the least of which will be your Hawaii property tax.
I'd be real careful with keeping WA as your legal address. Many pilots try to do this. Live in one state and claim another for tax reasons (yes they have houses in the other state to make it look official). The tax man usually catches up with you at some point. Best advice is to talk to a tax attorney.. not just a CPA.
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