(Reuters) - Homeowners who don't spend some time determining where their primary residence is -- and proving it -- can lose out on capital gains and income tax breaks. Moreover, their heirs can sometimes end up paying estate taxes to more than one state on the same inheritance, according to Bob DiQuollo, a financial adviser with Brinton Eaton Wealth Advisors in Morristown, New Jersey.
Folks in high-tax states like New Jersey and New York face this a lot if they go back and forth between Florida and the Northeast. DiQuollo points out that a couple with a $150,000 taxable income would pay $4,684 in New Jersey income taxes if that was their permanent residence, but would pay no income taxes if they were Florida residents.
Read more at Reuters.com Business News
Folks in high-tax states like New Jersey and New York face this a lot if they go back and forth between Florida and the Northeast. DiQuollo points out that a couple with a $150,000 taxable income would pay $4,684 in New Jersey income taxes if that was their permanent residence, but would pay no income taxes if they were Florida residents.
Read more at Reuters.com Business News
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