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Video instructions and help with filling out and completing avoiding california residency
What could be worse than being a resident in a high tax state being a dual resident into high tax states a lot of you know there's a credit mechanism in place that could be helpful but as I'm going to explain as credit mechanism is imperfect at best and can leave you with almost a double tax bill that you would normally have if you just take a few simple planning steps how does this happen commonly asked two ways to be a resident of a state one is what we call a domicile that's the traditional touchy-feely kind of test looks - generally five factors where is your home principal home where do you spend your time it's not a day count as it's where you spend most of your time where you're near and dear items are where your business connections are and the like the other way to be a resident is the way that you always hear people talking about on the golf course you have a permanent place of abode in a state and you here for more than 183 days these rules aren't the same in every state but a large majority of states that follow these two tests so what happens soozee stockbroker works for hedge funds in New York she lives in Connecticut she's living in Connecticut all her life she has four children and go to school there and she comes on metro-north every single day to come to work in New York City she's doing quite well her compensation packages most hedge funds managers would be be a small small salary and then she would have an interest in the fund which would be considered intangible income capital gains essentially from the fund so Susie's doing well and her dream has been to buy a ski house in New York State goes out and buys house upstate New York and Susie doesn't tell her account this Suze spends maybe two weeks a year in this house but Susie is in New York every single day for work well guess what Susie has a permanent place of abode in New York and clearly she would never contest she's here for more than 183 days so what happens okay well her wages are gonna be subject to tax in New York this small salary portion which is clearly going to be subject to tax and she's gonna pay New York tax on that can and it gets gonna also subject that that to tax and give her a credit where the rub is is the much larger amount of income from the capital gains from the fund it's intangible New York is going to say well Susie's assessed statutory resident we want that Connecticut's going to say Suzie Suzie is a domicile of our state we want that guess what happens end up paying tax in both states there is some federal legislation floating around that seeks to remedy this