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US state taxes

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jordan23
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US state taxes

Postby jordan23 » Tue, 07 Jan 2014 11:12 am

Hi,

I used the search function and didn't seem to see any topics about US state taxes. Currently I own a condo and plan on keeping it after I relocate to Singapore. Does any of you know the best ways to minimize your state tax liabilities?

Thank you in advance!

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zzm9980
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Re: US state taxes

Postby zzm9980 » Tue, 07 Jan 2014 11:27 am

jordan23 wrote:Hi,

I used the search function and didn't seem to see any topics about US state taxes. Currently I own a condo and plan on keeping it after I relocate to Singapore. Does any of you know the best ways to minimize your state tax liabilities?

Thank you in advance!


This greatly varies by state. Without more information, the best way to limit your state tax liabilities is to live in a state without taxes. Yeah, not very helpful but I can't really tell you much more without knowing which state you're in.

I'd suggest you google for "[state name] tax residence" to get an idea. California is particularly strict about who they feel should pay them taxes.

jordan23
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Re: US state taxes

Postby jordan23 » Tue, 07 Jan 2014 12:01 pm

zzm9980 wrote:
jordan23 wrote:Hi,

I used the search function and didn't seem to see any topics about US state taxes. Currently I own a condo and plan on keeping it after I relocate to Singapore. Does any of you know the best ways to minimize your state tax liabilities?

Thank you in advance!


This greatly varies by state. Without more information, the best way to limit your state tax liabilities is to live in a state without taxes. Yeah, not very helpful but I can't really tell you much more without knowing which state you're in.

I'd suggest you google for "[state name] tax residence" to get an idea. California is particularly strict about who they feel should pay them taxes.


Thanks!

jordan23
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Postby jordan23 » Tue, 07 Jan 2014 12:02 pm

anyone from Massachusetts?

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Tanuki
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Re: US state taxes

Postby Tanuki » Tue, 07 Jan 2014 12:02 pm

jordan23 wrote:Hi,

I used the search function and didn't seem to see any topics about US state taxes. Currently I own a condo and plan on keeping it after I relocate to Singapore. Does any of you know the best ways to minimize your state tax liabilities?

Thank you in advance!

Considering this is a blog about Singapore, I'm not surprised... :shock:

Taxes can be so damn complicated that I would think it best to talk with a tax attorney in your state. Relying on what people say on the net can be problematic sometimes. There are lots of variables. :D

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Postby PNGMK » Tue, 07 Jan 2014 1:18 pm

Try to reduce your state income to minimum (i.e. rental income, bank investments in state banks). NC (my wifes state) has a threshold - we make sure we're under that.

scarbowl
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Postby scarbowl » Tue, 07 Jan 2014 1:19 pm

Mass. is a tough state tax-wise. It doesn't offer the foreign earned income exclusion so taxes will be higher. You have to qualify in A state, somehow, and I'd suggest the one where you will/do hold a driver's license and plan to vote. Bank accounts, a mailing address, and other common attributes could be used by a State to determine residency and taxability. You could find a way to "adopt" a state without an income tax. If you don't establish this for a new state then you remain a resident of your current state for tax purposes.

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Strong Eagle
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Re: US state taxes

Postby Strong Eagle » Tue, 07 Jan 2014 9:59 pm

jordan23 wrote:Hi,

I used the search function and didn't seem to see any topics about US state taxes. Currently I own a condo and plan on keeping it after I relocate to Singapore. Does any of you know the best ways to minimize your state tax liabilities?

Thank you in advance!


I can only say generally that if you rent out what was your home previously, you lose any homestead expemptions (property tax wise) that you may have had, and that the income earned is unearned income and subject to federal tax at a rate equal to what the tax rate would be had you not had taken advantage of the earned income exclusion for your salary.

Also, under federal IRS law, be aware that in order to sell your house without incurring capital gains tax, you must have lived in it as your primary domicile for at least two of the five years preceding the sale.


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