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Old 03-17-2019, 01:03 PM   #1
elprofesor86
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residency

As future retired long timers, 10-11 months on the road, we are looking to establishing residency in South Dakota because of all of the tax benefits etc. We own a home in California that we would use as our home base for the 1-2 months of the year we stay there. Do we have to sell our home in California to do this or is anyone else doing this? Basically, is it possible to establish full time residency in SD while owning a home in CA for part time residency?
Thank you in advance.
 
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Old 03-17-2019, 02:22 PM   #2
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Yes it is.
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Old 03-17-2019, 08:48 PM   #3
elprofesor86
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Please move this thread to "Longtimers"
Thank you
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Old 03-18-2019, 07:52 AM   #4
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Yes it is.
I should add it is not a problem in the state where we own property, we are categorized as non-residents as long as we are living in the state for less than 179 days each year and don't have a job there. Of course we do pay property tax on the house. California lives by their own set of rules, but there must be lots of out of state folks who own vacation property there.
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Old 03-18-2019, 09:25 AM   #5
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We're doing it with our Home Base in Western New York State, but we did have to change our Home Owners Insurance to a Seasonal Policy since we don't live there full time, so check with your Insurance Agent to see if you're fully covered when not there.
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Old 03-18-2019, 09:33 AM   #6
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When we changed residency in Michigan to florida, the home stead property tax credit that's in Michigan was not applicable and our property taxes doubled. so I would check that out and see if California has a similar thing.
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Old 03-18-2019, 09:37 AM   #7
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When we changed residency in Michigan to florida, the home stead property tax credit that's in Michigan was not applicable and our property taxes doubled. so I would check that out and see if California has a similar thing.
Ouch Homestead exemption-- forgot about that thanks
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Old 03-18-2019, 02:42 PM   #8
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I believe part time resident is 117 days in California. But when we left California we were advised by tax lawyer to cut all ties with the state, because California will go after you if they can prove you have ties to the state. Greed and having to pay for their politics. We have had no problems with South Dakota or California since we moved everything to SD and left nothing behind. I would consult a good tax attorney, as your situation my be different. South Dakota is a great state and you won't be sorry picking it to establish your residency. Your mileage may vary.
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Old 03-27-2019, 01:50 PM   #9
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Sounds like solid wisdom from fatcatzzz. Just read an article in WSJ talking about an app (Monaeo) for iPhone users to prove where you spend your time for tax purposes.
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Old 03-27-2019, 02:20 PM   #10
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You will need a permanent address to establish residence in any state.
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Old 03-27-2019, 03:13 PM   #11
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Yes, you can. The CA home would become your second home if you purchase in another state and declare it your primary.
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Old 03-27-2019, 03:25 PM   #12
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My boss is attempting to establish residency in SD and going full-time in a motorhome after selling his home in MN. I think it's a lot easier if you divest of all your real estate property.


Like Fatcatzzz said, talk to a good tax attorney. I've read stories and talked to attorneys about how MN has chased down people who are still tied to MN to collect income taxes. Horror stories like using phone call records, utility bills, insurance claims, healthcare, and other expenditures in CA can prove that you're still tied to CA. Having a home there and spending 1-2 months there may require you to file in both SD and CA and, at a minimum, pay CA income taxes on 1/12th to 1/6th of your income for the 1-2 months you spend there. Like MN, I assume CA will make every effort they can to maximize their tax revenue.


Another thought not previously mentioned and please know that I'm not an attorney, but you might check into putting the house in your kids/grandkids name and gift them the money for taxes and utilities. Of course that might open up a whole new tax consequence of gifting them too much. Don't pay the bills yourself as that ties you to CA. Of course, that is a whole new level of trust that you'll have to have with your kids. ;-)
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Old 03-27-2019, 03:39 PM   #13
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While working as a bank loan officer (mortgages), financing homes nation wide, the two main requirements are: 1 declare the home, primary or secondary (vacation home) and 2. comply with the the state requirements for a primary home, ie; eligible to vote in the state and live in that state the required time.
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