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Wife and I currently live in Nebraska, the "Tax Me State". We are considering moving in retirement to a less taxing state, i.e, Texas. But....we'd rather RV in the winter and live at our cabin in Minnesota in the Summer.
How does one establish residency in Texas, the easiest way, and my apologies for my lack of ethics, but I've paid more than my fair share.
Check out residency for South Dakota instead. The whole State is very RV residency friendly including no income taxes, no vehicle inspections, low insurance rates, and no need to visit except for one night the first year. BTW, when and if you change residency you will need to change your health insurance also. There is a single form used to notify the Federal government for income tax and medicare. You do not need to change banks but of course you will need to notify the banks and other financial institutions for change of address.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,724 posts, read 58,067,115 times
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Quote:
Originally Posted by jrkliny
Check out residency for South Dakota instead. The whole State is very RV residency friendly...
Do this ^^^^ much easier if you are RV based, and don't trigger domicile elsewhere (Don't stay too long in CA!!! during one yr).
If you have a high dollar auto or RV habit, you might want to form an LLC in MT (Sales tax free) that owns, registers, and insures your vehicles. There are many companies in MT that will set these up for about $700. You can file your own LLC in MT for about $200. Best to have a mailing addy in MT and a person to handle the mailings / renewals.
Though a Cornhusker by birth... I have a home in TX, but keep my Domicile in income tax free WA as I have an EDL (Enhanced Driver's license is Not readily available in TX) and a CDL (pain (and expensive) to transfer). TX also has vehicle inspections (which my WA based vehicles do not).
Last edited by StealthRabbit; 12-07-2016 at 12:13 PM..
Without a state income tax, Wyoming does not have a formal set of residency requirements for tax purposes, however, there are several ways that new homeowners can show their*intent to terminate residency in their former state. Since most states use a fact-specific inquiry rather than a bright-line rule to determine residency, these 10 straightforward tips can help you avoid income taxes in other states by indicating that your Jackson Hole home is your newly established residence.
1.Downsize or sell the residence in your former state.
2. Spend more time in Wyoming than any other state.
3. Become a registered (and active) voter in Wyoming.
4. Secure a Wyoming driver's license and register vehicles in the state.
5. Move your bank accounts to Wyoming.
6. Update estate planning documents and the situs of trusts and businesses to reflect your Wyoming address.
7. Get involved with Wyoming's social, civic and religious organizations, and donate to local charities.
8. Schedule regular appointments with Wyoming service professionals such as doctors, dentists, accountants and lawyers.
9. Change your mailing address to Wyoming for financial and insurance institutions, clubs, memberships and magazines.
10 Move your most treasured belongings to your Wyoming home, including heirlooms, family records and photo albums.
Last edited by oldsoldier1976; 12-11-2016 at 06:30 PM..
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,724 posts, read 58,067,115 times
Reputation: 46190
Quote:
Originally Posted by krug
... I looked into SD and think that may be my best bet.
NO Inheritance / Estate Tax in SD, so also a good place to establish your Living Trust (If you need one).
IRS limit climbs to $5,490,000 in 2017. so that is adequate for MOST, but many states have lower thresholds (including mine)
Our Living Trust was about $1200, but was pretty complicated (several LLC's and IRA LLC's + properties and investments in several states, and distributions to charities, family foundations and destitute parents and siblings). Complicated, but not BIG $$$ I will get a SD domicile too, eventually. (after earnings cease in other income tax free states).
SD is also a nice place for a seasonal retirement home / RV shop. (If near recreation (hunting / snow) you could rent it out off-season). Look at areas NW of Rapid; from Piedmont to Spearfish (nice small college town, very close to WY and close enough to MT). If you need a fun place to spend your one night domicile, I recommend The Main Street Hostel in Lead, SD. It is a vintage Dr. house and a very interesting owner. She did a Round the World bicycle trip AFTER she retired!. Great recreation nearby (Mikelson Trail...) good steaks at Hill City Hotel on Friday and Saturday night. (worth the trip!) http://gfp.sd.gov/state-parks/direct...ckelson-trail/
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If you need a fun place to spend your one night domicile, I recommend The Main Street Hostel in Lead, SD. It is a vintage Dr. house and a very interesting owner. She did a Round the World bicycle trip AFTER she retired!. Great recreation nearby (Mikelson Trail...) good steaks at Hill City Hotel on Friday and Saturday night. (worth the trip!)
