Join Date: Jul 2007
Thanked 23 Times in 22 Posts
Rep Power: 13
Re: $3000/mo cruising budget
I am in Philadelphia. I keep trying to retire but get sucked back in again.
If you have rental income in Philadelphia then I assume you will be filing a BPT/NPT tax form with the city each year and also PA tax, so it is not possible to completely escape.
My income producing assets are also in Philadelphia so I am all to familiar with the tax structure, including dividend and interest tax.
Home state for boat and taxes needs a tax professional to figure out.
My boat is so cheap it does not really matter if I keep it in PA or DE, but Delaware as a home state would be a huge advantage.
Leaving the US or Philadelphia permanently, is not something I am interested in. US citizens outside the US are still required to file taxes on both US and global income, and are not required to have a home state, but pay taxes to the state or states where the income producing asset is located.
So my budget for summer cruising includes cost of managing assets, healthcare, good wifi or 4G and return to Philadelphia when needed about $3,000 to $5,000 per month. I also teach design part time in the winter and that is just to much fun to give up.