Change Residency but keep Vacation Home?
My wife and I are between 2 and 4 years away from retirement (at age 60 or 62 for me, 62 or 64 for her) and expect to full time for a couple of years. I understand the benefits of establishing residen...
Forum Discussion
C-Bears wrote:
When we went full time there were tons of those issues when deciding on keeping the stick and brick or selling it. For us it just was not worth it to keep the house.
In another forum a person is now dealing with a tax issue because they kept their home as a 'summer' home, but changed their domicile to SD 13 years ago. Last year they sold their 'vacation' home, but now realize that they can't claim the principle residence capital gain exemption because they don't meet the means tests for the IRS since they have been filing as SD residents, not the residents of the state the house is located in.
Really think through keeping the house if you don't plan to return there.
Barb
