It’s Your Money > Taxes

Stateside Residency and taxes

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aerosick:

--- Quote from: drpack on July 04, 2009, 04:52:32 AM ---Maybe I\'m missing something here? If you live in the Philippines full time why would u need to have any state as a Residency?  I am currently living in Florida and have been a resident for most of my life.  When I sale my home though. I doubt I can continue to use the mailing address.  I assume the IRS will consider my residence Florida until I tell them otherwise.

--- End quote ---

It\'s the State income tax that will bite you. I live in CA and will always have to pay CA Income Tax until I prove to them that I moved to another state.

Billy

Gray Wolf:
Even when you tell them otherwise, Florida will still be your US home of record.  Since FL has no personal income tax, you\'ll be fine.  In fact I\'m considering moving there for 6 months before I relocate permanently just to establish FL as my home of record and take advantage of the lack of personal income tax.  Just one less headache after I move!    ;D

For the record, seven states have no state income tax: Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming. Two others, New Hampshire and Tennessee, tax only dividend and interest income.




--- Quote from: drpack on July 04, 2009, 04:52:32 AM ---Maybe I\'m missing something here? If you live in the Philippines full time why would u need to have any state as a Residency?  I am currently living in Florida and have been a resident for most of my life.  When I sale my home though. I doubt I can continue to use the mailing address.  I assume the IRS will consider my residence Florida until I tell them otherwise.

--- End quote ---

RUFUS:
Death & Taxes... ::)

c_a_p_t_a_i_n_r_o_n:

--- Quote from: RUFUS on July 04, 2009, 03:10:36 PM ---Death & Taxes... ::)

--- End quote ---

Oh.....I thought it was Death & TEXAS  ;)

tom.inbigdtexas:

--- Quote from: Gray Wolf on July 04, 2009, 08:38:43 AM ---Even when you tell them otherwise, Florida will still be your U.S. home of record. 

--- End quote ---

Gray Wolf is right.

Further, as long as you are a U.S. citizen, you will be subject to U.S. laws regard taxation on any income, including passive income, that you earn anywhere in the world, and your U.S. residency will be considered your last known State residency prior to leaving the U.S. 

Yep, its death and taxes, even if you are from Texas.

Tom in Big D

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