Quote:
Originally Posted by Bay Kid
I will be keeping my home on the Chesapeake Bay, where I have been my whole life. I guess my question is it worth time to change residency to save money?
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Since many factors such as homestead exemptions and yearly real estate tax escalation limits need to be taken into consideration why not consult with an accountant who is knowledgable about FL vs. VA domicile financial pros and cons?
Some if not most states consider one's time spent there during the year as the major consideration of where one is domiciled. Other factors may outweigh this but the burden of proof may lie on the taxpayer.
Residency Status | Virginia Tax
States do not give up tax money without a fight! This "poor" guy's estate ended up paying tax to NJ when he was a resident of PA as he had homes in both states.
"Last week when the U. S. Supreme Court refused the harried estate executors a rehearing, implicitly approved was the first double state death-tax payment on record."
From:
NEW JERSEY: Soup Relief - TIME