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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.
Retire Early. Travel the World.
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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.)
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.
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
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.
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!
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!