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Old 03-14-2010, 09:50 AM   #1
Wild Horse
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Can you fulltime and...

also own property in a state? I'm curious if you can set up domicile in SD, but still own property in another state? Looking into the upcoming year or two, and need a starting point. I know a number of folks that own their own lot in Okeechobee...maybe an rv lot is ok. I'm more interested in if I buy land/house in NY this or next year but am only there on occasion....
Thanks.
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Old 03-14-2010, 12:28 PM   #2
adelmoll
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You can.. but if you buy a house in NY and live in SD, you can not homestead your property.. We bought a lot in Florida and in that State, the lots are considered condominium's. If we had bought a real condominum it would not be any different. We are full timers from South Dakota so have to pay non-homestead taxes on our lot. That only amounts to about $500 on our lot but if we bought a house it would be a bunch of $.

Helen

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Old 03-14-2010, 02:42 PM   #3
dandt
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Also..yes. We own our home in Calif and became SD residents last July. You can also work up to 6 months in a state and not have residency in that state. Yo just have to file taxes for the earnings of each state when filing taxes. Good lck in your upcoming venture. Teresa
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Old 03-15-2010, 03:12 AM   #4
Wild Horse
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OK, thanks. I think I understand a little better now. I'll also check with my accountant or an accountant in NY as well. I'm guessing if I went this route I wouldn't be eligble for the star tax program in NY...which can make a huge difference. I'm not worried about the taxes..as self employed, I have to file all those dang forms in different states anyway. This subject came up now because we are picking up our new to us monty next month...I guess I was curious if I set up domicile in SD before then, if I could register it there thus saving alot due to having to pay 7.25% sales tax on it here when I register it in OH. Of course there's other issues, and I guess we need to make a list of pro's and con's to see what best suits our needs.
Bill
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Old 03-15-2010, 04:40 AM   #5
mhs4771
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Please keep us updated on what you find out. We presently own our stick house here in Western NY in the beautiful Genesee Valley area. We plan on keep the house and property, but want to change our residency to somewhere there doesn't have a state income tax. Hate paying these crooks in NY, would like to put my retirement income to better use, but we still love this area and plan to use it as a base of operations during the summer, just have to watch that we don't over stay our welcome and have to pay the income tax. Have you thought of an area in NY? We have plenty of room to park the monty if you were interested in checking out this area.

Regards,
Michelle S.
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Old 03-15-2010, 05:04 AM   #6
richfaa
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You have a lot of research to do.We did check on home/lot ownership outside of our State of Ohio were we do own a stick home and consider Ohio our Home State and residence. In general we were advised to not spend 6 months outside the State of Ohio. We spend 5 Months 15 days in Florida for the winter. Florida also has no State income tax so we need not worry about paying multiple State taxes.Ohio State income tax is reasonable and we get tax breaks there for being retired and we can homestead our Ohio property and the savings is significant.
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Old 03-15-2010, 05:11 AM   #7
Mrs. CountryGuy
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Rich,

Interesting, why were you advised to NOT spend more than 6 months outta state???

And, what about your summer travels, do those days outta Ohio count?? I know some years you are gone for another few weeks, here and there??

And, I know this is not true for every state and all health insurance policies, but that is something you need to pay VERY close attention to. Friends of ours took on Texas residency, their insurance transferred to Texas, resulting in less coverage. They ended up transferring back to Michigan residency. Course, those things change daily, and it is almost impossible to keep up with the changes. SIGH

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Old 03-15-2010, 05:15 AM   #8
Wild Horse
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Michelle, you are dead on where we are looking...that's my old home turf. My Dad is getting on in the years and we need to be closer to be of help...he winters in Okeechobee, but lives just outside of Letchworth SP. My Wife is headed for permanent disabiliy right now, and if my next 3 surgeries are successful I will be also...but I'll never "retire"...so we are looking at being back there for part of the year (a stickbuilt and more importantly a shop) then going down to FL for winter. The cold air is terrible on my Wife. Anyway...been looking, and I guess I've been away too long...don't remember the taxes being so out of this world back there.

Rich, you are certainly right...lots of research to do, and we certainly don't want to make a mistake. Ohio isn't bad at all on taxes. Our current home I bought as a foreclosure and rehabbed it...my mortgage is less than most folk's car payment and my property taxes aren't bad. We've thought about keeping it as a "base" and using it from may-sept (keep the boat docked and great walleye fishing), NY in the fall, then FL during the winter. Problem is, I have no room for the shop here, so I'd have to rent or buy a place. We'll figure it out eventually....we have the advantage to "do nothing" and be sitting ok for now, but that doesn't solve the problem of helping my Dad being 5-1/2 hours away. We'll keep everyone posted. Thanks !
Bill
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Old 03-15-2010, 06:32 AM   #9
TheCoachPotatoes
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Quote:
quote:Originally posted by mhs4771

Please keep us updated on what you find out. We presently own our stick house here in Western NY in the beautiful Genesee Valley area. We plan on keep the house and property, but want to change our residency to somewhere there doesn't have a state income tax. Hate paying these crooks in NY, would like to put my retirement income to better use, but we still love this area and plan to use it as a base of operations during the summer, just have to watch that we don't over stay our welcome and have to pay the income tax. Have you thought of an area in NY? We have plenty of room to park the monty if you were interested in checking out this area.


Regards,
Michelle S.

In NY you don't pay any state income tax on your pension or your social security. So, if you aren't working, you will not have to worry about it. This is why we are keeping a residence in NY. We did, however downsize to a smaller place with much lower property taxes.
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