Legal Question in Tax Law in South Dakota
buying property in more than one state
If you own property in more than one state and you are retired, which state would be considered your home for income tax purposes? for instance florida and south dakota, when we live in south dakota.
Asked on 11/17/07, 12:28 pm
1 Answer from Attorneys
Re: buying property in more than one state
The IRS considers the tax home the place where you spend the most amount of time during the year, in addition to where you are the most rooted. Such as: where do you have a driver's license, where do you have memberships (religious institutions, social clubs), where do you have your checking account, etc.?
A lot of people who have property in Florida attempt to establish their residency there since there is no state income tax.
Answered on 11/17/07, 1:41 pm
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