Notices

state residency question

Old 10-13-2007, 07:08 AM
  #1  
Senior MemberCaptains Club MemberPLEDGER
Thread Starter
 
Join Date: Aug 2005
Location: TN
Posts: 4,792
Default state residency question

Well, looks like my traveling days are over. I have been “promoted” from company bitch to General Manager of our Cartersville GA office. Going to be fun – I’ve got about 165 people working for me – my largest operation I’ve ever been in charge of was 12 so this will be a whole new paradigm.




So here my quandary. Since for various reasons I can either be a resident of GA or of TN I’m not sure which is best. I want to buy a house here in GA, just not sure if I do that which one offers the best overall residency package or what the federal tax laws are for this. I will have house pymt in GA and aprtment payment in TN.


Any thoughts?


The only two things I know:
TN has no state income tax.
I believe the Atlanta metro area requires emissions testing.
The boat will stay in TN.


redneck joe is offline  
Old 10-13-2007, 08:10 AM
  #2  
Senior MemberCaptains Club MemberPLEDGER
 
Join Date: Nov 2005
Location: Central Jersey
Posts: 7,961
Default Re: state residency question

The house location gives you a large capital gains exemption when you sell it if you can show that it is/was your main residence for two of the past 5 years. If you keep the apartment as your main residence there is no capital gains exemption. You register your car in the place where it is principally "garaged." That might be TN, certainly.

Talk with your accountant and insurance agent, too.
t3rockhall is offline  
Old 10-13-2007, 10:16 AM
  #3  
Senior MemberCaptains Club MemberPLEDGER
 
Join Date: Dec 2004
Location: Not in Texas
Posts: 10,213
Default Re: state residency question

Your company should provide you with access to and the services of an accounting/tax firm such as Deloitte and Little. They are the ones to advise you. D&L is who we use, good people, but any similar firm should be able to give you the appropriate info. If for some reason you company is not providing you with this service then I suggest pulling the cash out of your pocket and paying for it yourself before you make any big ticket decisions.
Eyeball is offline  
Old 10-13-2007, 12:26 PM
  #4  
Senior MemberCaptains Club MemberPLEDGER
 
Join Date: Mar 2005
Location: Whitesboro, texas
Posts: 8,050
Default Re: state residency question

No state tax may not be all that great, they just get it in OTHER TAXES, school , county,Jr. collage and more.

welder is offline  
Old 10-13-2007, 05:56 PM
  #5  
Senior Member
 
Join Date: Aug 2004
Location: NC/GA
Posts: 5,914
Default Re: state residency question

You'll probably be liable for state taxes in Georgia as that's the location of your employment. If your company takes out Georgia taxes, it doesn't matter where you lay your head. Like the man said, get some quality advice up front (and that ain't from here, ya know?) ...
Curmudgeon is offline  
Old 10-13-2007, 05:58 PM
  #6  
Senior MemberCaptains Club Member
 
Join Date: Sep 2006
Location:
Posts: 3,389
Default Re: state residency question

Maybe you can afford a non-Bayliner now Seriously, congrats and good luck. Consult a tax advisor, its probably complicated.
DrJim is offline  
Old 10-14-2007, 05:05 AM
  #7  
Senior MemberCaptains Club MemberPLEDGER
Thread Starter
 
Join Date: Aug 2005
Location: TN
Posts: 4,792
Default Re: state residency question

DrJim - 10/13/2007 8:58 PM

Maybe you can afford a non-Bayliner now Seriously, congrats and good luck. Consult a tax advisor, its probably complicated.
If'n i gets rid of my bayliner, i ain't a real redneck huh?





Actually, if I can sell it I found a really sweet 92 Chris Craft in Chattanooga. 454 with a VP duoprop - 26' w/9' 6" beam. Beautiful boat.



redneck joe is offline  
Old 10-14-2007, 05:11 AM
  #8  
KJS
Senior MemberCaptains Club MemberPLEDGER
 
Join Date: Aug 2003
Location: Where I go, there I am
Posts: 16,760
Default RE: state residency question

Congrats Joe!
KJS is offline  
Old 10-14-2007, 07:34 AM
  #9  
Senior MemberCaptains Club MemberPLEDGER
Thread Starter
 
Join Date: Aug 2005
Location: TN
Posts: 4,792
Default Re: state residency question

Thank KJS!









Oh yeah I went ahead and gave my girlfriend an engagement ring too....






redneck joe is offline  
Old 10-14-2007, 02:08 PM
  #10  
Senior MemberCaptains Club MemberPLEDGER
 
Join Date: Dec 2004
Location: Not in Texas
Posts: 10,213
Default Re: state residency question

redneck joe - 10/14/2007 7:34 PM

Oh yeah I went ahead and gave my girlfriend an engagement ring too....

Oh, well, hell ... there goes you manhood, any hope of happiness, your life ...


















I'm sorry, my mistake. I meant to say congratulation.

Eyeball is offline  
Old 10-14-2007, 05:55 PM
  #11  
Senior Member
 
Join Date: Apr 2007
Location: 36° 48’ S 175°44’ E
Posts: 10,646
Default Re: state residency question

Big Changes RJ, good luck with them both, just dont let the good woman eat any of the wedding cake. I'm pretty sure thats the cause of all the troubles later on!
kenergy is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are On
Refbacks are Off


Thread Tools
Search this Thread