Changing State of residence to Texas ???
We are thinking of changing our state of residence from Minnesota to Texas. Primarily because there is no State income tax in Texas. Who has done this & what was the process. We own Real Estate in Tex...
Forum Discussion
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
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
