Changing State of residence to Texas ???

I already met with my tax man.

tjfogelberg wrote:
Be sure to look at your M1 (Minnesota Income tax Form) and note the amount of tax. A large percentage of retirees don't file or pay very little in income tax. I assume you are not in that camp.

Why not sell your MN property and take advantage of the ability to sell your primary residence with a significant tax break?

If you keep it and change to TX, you will have to notify the county
and change your classification from homestead to non-homestead. Your property tax bill will go up - find out by how much.

Minnesota has stronger social services, make sure you are ok with losing access to our safety net.

Todd

x2

Be sure to look at your M1 (Minnesota Income tax Form) and note the amount of tax. A large percentage of retirees don't file or pay very little in income tax. I assume you are not in that camp.

Why not sell your MN property and take advantage of the ability to sell your primary residence with a significant tax break?

If you keep it and change to TX, you will have to notify the county
and change your classification from homestead to non-homestead. Your property tax bill will go up - find out by how much.

Minnesota has stronger social services, make sure you are ok with losing access to our safety net.

Todd

John&Joey wrote:
Don't forget you'll also have to learn a new language. "Ya sure you betcha, don't you know" will confuse everyone in your new home state.

Clicky

Ya All don't say?

Don't forget you'll also have to learn a new language. "Ya sure you betcha, don't you know" will confuse everyone in your new home state.

Clicky

Sooner Schooner wrote:
We hear good things about South Dakota and are thinking about checking into it, anybody have experience with this?

We chose SD.
We use ALTERNATIVE RESOURCES HERE
in Sioux Falls SD as our mail forwarding service. There is some good info on their web site at the link above.

We hear good things about South Dakota and are thinking about checking into it, anybody have experience with this?

Here Tis > http://www.escapees.com/mailservice/Docs/texan.pdf

We moved from Tennessee to Texas, and yes they require an inspection not only on your vehicle, but if you bring a rig in you have to have it weighed, inspected and to get a Texas tag it cost is 125.00. They charge some sales tax if you didn't pay enough in your home state. Our tags in Tennessee were $18.00. They also do not have a state tax. Have your birth certificate or a passport to get DL. If you have a concealed carry permit you will have to take the class again here. look on the department of safety website for more info. BTW our insurance went down but we did have to transfer our supplemental insurance to Texas. We have now bought a house and moved here.

http://www.revenue.state.mn.us/individuals/individ_income/factsheets/fact_sheets_fs1.pdf

The above link is to the MN Revenue Dept web site. Pay close attention to the 183 day rule. In my former life (before retirement) one of my job functions was determining residency appeals of students for a major university in the United States.

MN is like most states in that you must be pro active in order to change residency. Just changing your address is not enough. You should change everything that that you normally do in MN to Texas. You will be able to get away with some dual items such as bank accounts in both places, but the preponderance of evidence such as registering to vote, vehicle insurance/registration, drivers license, etc must be in Texas.

I have considered doing the same thing with a move from NJ to TX......... but the heat in Texas is just keeping me from doing it. Right now Dec thru March works for me..... after March it is just too hot.