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Go Back   SailNet Community > Out There > Cruising & Liveaboard Forum > Domicile or Residence...
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Thread: Domicile or Residence... Reply to Thread
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Topic Review (Newest First)
12-03-2012 01:07 PM
Minnewaska
Re: Domicile or Residence...

Quote:
Originally Posted by misfits View Post
I only mentioned condo fee's because when you add them to property taxes it does increase your monthly nut. Problem I have w/ a condo is "air space" is all you really own.
Fair point, all must be taken into account. But, if you own a fee simple single family home, it has serious cash flow requirements too.

Ask anyone that purchased their home in the '05 to '06 timeframe in just about any US metro area and they can tell you what air space is. It's the lost value of what they thought they owned.

Don't get me going on the "American Dream" to own one's home. Its a contrivance. Nothing against it, but one would have been much better off renting over the last decade and probably the next to come.
12-03-2012 12:39 PM
misfits
Re: Domicile or Residence...

I only mentioned condo fee's because when you add them to property taxes it does increase your monthly nut. Problem I have w/ a condo is "air space" is all you really own.
12-03-2012 12:20 PM
Minnewaska
Re: Domicile or Residence...

Quote:
Originally Posted by miatapaul View Post
Condos are nice, especially if you are a seasonal resident, to have lawn care and exterior maintenance done for you. Of course there are association dues, but the price is usually lower than for a freestanding house as well, so it is often a wash.
I've lived in a condo more than once, rented, bought homes, built homes, you name it.

I've never seen Homeowners fees exceed the cost of what you would pay for the same services in a home. Garbage, lawn care, snow removal, common area taxes and maintenance, pool maintenance, driveway repair, roofs, gutters, etc. Even with a surprise special assessment, its always been a bargain.
12-03-2012 09:38 AM
miatapaul
Re: Domicile or Residence...

Quote:
Originally Posted by misfits View Post
Only problem w/ a condo, you've got those monthly association dues.

Personally I'd like to go up to midcoast maine. Long as you weren't right on the water, things are pretty resonable up that way. Maine in the summa, down south in the winta.
Condos are nice, especially if you are a seasonal resident, to have lawn care and exterior maintenance done for you. Of course there are association dues, but the price is usually lower than for a freestanding house as well, so it is often a wash.
11-29-2012 04:03 PM
misfits
Re: Domicile or Residence...

Quote:
Originally Posted by Minnewaska View Post
In that stage of our life, we don't expect to have a very big house. A condo would even be preferable.
Only problem w/ a condo, you've got those monthly association dues.

Personally I'd like to go up to midcoast maine. Long as you weren't right on the water, things are pretty resonable up that way. Maine in the summa, down south in the winta.
11-29-2012 10:13 AM
miatapaul
Re: Domicile or Residence...

Quote:
Originally Posted by sailordave View Post
I can't imagine that any state is still doing this. Maybe you're grandfathered in or something, but everyone I know regardless of what state has had to provide a physical address. Thank you PATRIOT ACT...
Yea, I was surprised as well. This was last May and I was in the middle of moving so I did not want my "old" address on the license, and did not have a "new" address to use either so she said just use your PO Box since that is stable. My job was able to do an address change to my PO Box as well but may not have been satisfied with that on hiring. Heck my old license had a wrong address on it for 7 years, as I moved about 4 months after getting it and NY does not require you to get an new one, but only to update the state with the new address.
11-29-2012 09:33 AM
aeventyr60
Re: Domicile or Residence...

Quote:
Originally Posted by Minnewaska View Post
SV G introduces a very good distinction. What is required to be withheld has ABSOLUTELY nothing to do with what you owe. Employers have the legal requirement to withhold (not opining on this posters specific situation) and can be personally liable for it if they don't.

If you don't end up owing anything, you have to go get it back.

Filling out your W2 correctly tells the employer how much to take out. You can claim 'exempt" from federal Taxes. Of course your year end earnings, interest, dividends, rents, capitol gains, misc income may subject you to additional taxes.

You may want to take a closer look at what qualifies you as a "non resident" for federal tax purposes. Less then 30 days in country qualifies you for about a $90,000 exclusion, not including IRA contributions, deductions etc.Very handsome offshore dividend when I work/live/sail/ offshore.


A good tax accountant will save you a bundle of boat bucks.
11-29-2012 09:13 AM
sailordave
Re: Domicile or Residence...

Quote:
Originally Posted by miatapaul View Post
I have a New York state Drivers License with a PO Box listed as my address. She had no trouble putting it in the computer, though she did think it was odd.
I can't imagine that any state is still doing this. Maybe you're grandfathered in or something, but everyone I know regardless of what state has had to provide a physical address. Thank you PATRIOT ACT...
11-29-2012 08:55 AM
sailordave
Re: Domicile or Residence...

Quote:
Originally Posted by misfits View Post
We may not have state income tax here but NH property taxes are a killer.
Although I've lived here most of my life & love it, we're planning on leaving NH once our kids get out of school. It's pretty sad when your monthly property tax bill is close to a house payment.
While I don't know that I'd want to live that far north... Property taxes wouldn't be an issue if we didn't own a house and were off cruising!
I was looking at the KIPLINGERS site and they have some good info for retirees and all the different tax issues by state. And you're right; Income tax is NOT the only thing to consider.
11-29-2012 08:52 AM
Minnewaska
Re: Domicile or Residence...

Quote:
Originally Posted by misfits View Post
We may not have state income tax here but NH property taxes are a killer.
Although I've lived here most of my life & love it, we're planning on leaving NH once our kids get out of school. It's pretty sad when your monthly property tax bill is close to a house payment.

Personally I'd be looking for a state that has low property taxes if you're looking to own a home. Far as state income tax is concerned, I guess that all depends on what your income is.
For me, I'll be looking at the balance between both issues & go with whatever is the cheaper option in the long run.



Bob
Good point. But they didn't seem so bad on some places we've seen. Nevertheless, you're right, it is a balance on what you have to be taxed. In that stage of our life, we don't expect to have a very big house. A condo would even be preferable.
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