Forum Discussion
WyoTraveler
Jun 16, 2015Explorer
Executive wrote:
Just a couple caveats. If you are true full timers...that is, you regularly move from place to place as opposed to living, say in Florida for six months and Michigan for six months, then you can pick and choose any state as your domicile state. Choosing your domicile state is important. Most entities use the IRS guidelines for determining which state that is. They look at what they call your "intent" when choosing your state. You establish 'intent' by moving your registration, driver's license, voter registration, bank accounts, mail, credit card accounts etc. to a particular state. We chose South Dakota because of 3%, now 4% sales tax, low registration fees, no income tax, no vehicle inspections and no luxury taxes on the coach. We use Americas Mailbox. Only issue we've had with using a mail forwarding service is with the stock brokers. Merrill Lynch had no problem with it but Scottrade demanded a physical address. So they are no longer handling my portfolio...:). Oregon and Nevada are two other states that have no income tax but they do have an additional tax on your RV. If you choose to establish another state as your resident state, be sure to sever ALL ties with your current state. That way there can be no doubt as to your intent.
Finally, medical coverage is important, so research that fully before you make a decision....Dennis
If I FT'd my choice would be SD and "Dakotapost". I don't FT but I use a P.O. box for all business mail and have never had a problem with Scottrade. Interesting.
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