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Taxes / Re: Filing tax return while living abroad
« Last post by Lamha on December 31, 2020, 08:16:41 PM »
Really appreciate your explanation.  I think I know what to do next.
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Early Retirement / Re: Sell home to fund early retirement?
« Last post by gocurrycracker on December 31, 2020, 06:41:26 PM »
Here is my analysis of taxes for Cali if we were to move in that direction...
https://www.gocurrycracker.com/going-back-to-cali/

tldr: maybe we pay $1,000 in state taxes on $60k annual income (less with tax credits.)

I would be OK with a $1k tax bill.

For Nevada, I see a lot of people moving to Reno these days (nice weather, close to skiing and Tahoe, low income taxes.)
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Early Retirement / Re: Sell home to fund early retirement?
« Last post by Paul1011 on December 31, 2020, 10:14:34 AM »
I have read conflicting articles on whether California is a good state to retire in regard to taxes.  As we will be traveling a lot and for at least two years full time, I thought setting up residency in say Nevada while I have no income and am doing Roth conversions would be a good idea...?

Also, Carlsbad (just north of San Diego) is very expensive.  I love it here and the fact I can walk to the beach in a few minutes.  But, I've downsized about as much as I can and we are now in a 2 bed condo that was $600K.  I guess we could sell and travel for awhile and then come back and rent, but housing would always be a huge percentage of our budget.

I have a lot to think through.
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Taxes / Re: Filing tax return while living abroad
« Last post by gocurrycracker on December 30, 2020, 10:08:19 PM »
Alas, establishing residency is a bit more involved... you gotta actually go there, get a driver's license, register to vote, close bank accounts in NY and open them in X, etc...

If you are establishing permanent residency in a foreign country and can show you have clearly severed ties with NY, you may be able to skip the intermediate state option if you can meet Group A or Group B exceptions in full (need to meet all 3.)

Note NY's nuance to whether you are a resident is based on your domicile: "Your New York domicile does not change until you can demonstrate that you have abandoned your New York domicile and established a new domicile outside New York State"

Check out this page and the items they link to:
https://www.tax.ny.gov/pit/file/pit_definitions.htm

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Taxes / Re: Filing tax return while living abroad
« Last post by Lamha on December 30, 2020, 08:16:19 PM »
Thanks for your response.  We happen to live in New York.  Unfortunately, my family members live in NY and my in-laws live in California.  Not sure how to "borrow" an address in a no or low income tax state.  Will a PO box be acceptable?
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Taxes / Re: Filing tax return while living abroad
« Last post by gocurrycracker on December 30, 2020, 06:49:34 PM »
It depends on which state...

If you live in California or NY (and maybe other aggressive taxing states) then moving to another state first is a good idea. They will chase you for years, I hear.

We were in Washington, which has no state income tax.
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Early Retirement / Re: Sell home to fund early retirement?
« Last post by gocurrycracker on December 30, 2020, 06:46:43 PM »
San Diego is really nice.

What is your thinking for moving elsewhere? We have actually considered moving to California but still trying to figure it all out. Thanks!
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Early Retirement / Re: Sell home to fund early retirement?
« Last post by Paul1011 on December 30, 2020, 12:19:04 PM »
Thank you for the advice.  Definitely plan to sell and move out of San Diego...and California!
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Taxes / Filing tax return while living abroad
« Last post by Lamha on December 30, 2020, 06:59:18 AM »
We are inspired by you and are planning on retiring in SE Asia.  Just wondering it we have to file state tax return while living abroad?  Should I move to a state with no income tax for a year or so before leaving US?
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Early Retirement / Re: FIRE planning with expected inheritance
« Last post by gocurrycracker on December 29, 2020, 06:56:23 PM »
sounds good! Thanks!
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