State Tax Implications for Purchasing, Renting or Moving to a New Home
By Sarah A. Guilmette, Principal, Steven J. Eller, Partner and Alan S. Kufeld, Partner
Are you considering purchasing or renting a home in a new state as a second home or “moving” to another state? Since each state has its own set of laws concerning income taxes, proactive planning with your tax advisors can help mitigate any unintended tax consequences.
In determining whether a state will treat a taxpayer as a resident, a state will look at whether the taxpayer is a domiciliary or a statutory resident. To assist with categorizing each of the two conditions, we provide some general information and supporting factors.