Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Goodbye, New York, California and Illinois – Hello where?

bloomberg.com

Post reply on HN
Print view View original

21–30 of 718 posts

Re: Goodbye, New York, California and Illinois – Hello where?

#21

Post by seanmcdirmid »

tardo99 wrote: post #16
seanmcdirmid wrote: post #15

Earlier quoted context omitted.

If you own a house in California and visit it often, even if you are living in China, they might still claim you are on the hook for California taxes. I guess you really have to move out and then rent the house out or sell it to be off the hook. The biggest issue with CA and moving abroad temporarily is that CA doesn't have a foreign earned income exclusion or foreign tax credit. So you really don't want to be a CA r…

Thanks. It's too bad people decided to downvote me. Probably because of my username, but who knows. In any event, do you have thoughts on solutions?

Claim that your permanent residence to Washington state (or some other income-tax free state) if you go abroad. Actually, make it so by moving to WA first, and then going abroad. Also, not all states are like CA, some do support foreign tax credits at least.

Re: Goodbye, New York, California and Illinois – Hello where?

#22

Post by whatsmyusername »

tardo99 wrote: post #16
seanmcdirmid wrote: post #15

Earlier quoted context omitted.

If you own a house in California and visit it often, even if you are living in China, they might still claim you are on the hook for California taxes. I guess you really have to move out and then rent the house out or sell it to be off the hook. The biggest issue with CA and moving abroad temporarily is that CA doesn't have a foreign earned income exclusion or foreign tax credit. So you really don't want to be a CA r…

Thanks. It's too bad people decided to downvote me. Probably because of my username, but who knows. In any event, do you have thoughts on solutions?

I hadn't looked but tbf that's a pretty shit username.

Re: Goodbye, New York, California and Illinois – Hello where?

#24

Post by m0zg »

tardo99 wrote: post #18
gamblor956 wrote: post #6

Earlier quoted context omitted.

This is a misunderstanding of how CA tax law works. If you move to say, Nevada, before moving to China or wherever, but you always intended to return to CA afterwards, then for state tax purposes you never stopped being a CA resident. So, for example, if you keep a storage locker with your furniture in Cupertino for when you return, you clearly never intended to permanently leave and so you're still a CA resident for…

Obviously I was talking about the situation where one doesn't want to sell all property in CA and wants to be able to return to CA from time to time, maybe for months at a time. Anyway, our current thinking is to establish residence in Nevada (probably in Tahoe) and then go to Europe from there. Thanks for the downvotes.

If you're returning for "months at a time", they'll probably still hit you with a tax bill. Not a tax lawyer, though, so take it for what it's worth.

Re: Goodbye, New York, California and Illinois – Hello where?

#25

Post by option »

triceratops wrote: post #8
dfsegoat wrote: post #4

Sonoma County, CA here. We've lost more people from our county than any other in the state between 2017-2018 [1], and it is only continuing. From the few of these people I have spoken with - anecdotally: - None left because of the fire risk, specifically. [though some obviously did - 2] - Most left because of the cost of living: $600k avg home price. - Some also left because of political and human environment: We hav…

> $600k avg home price. > homeless encampments on our bike trails These seem linked somehow...

Are they really? An honest question - suppose the housing does a nosedive to 100K. I still find it hard to believe that those living on the streets in tents with no jobs will rush to buy houses.

The other category of “invisible” homeless - those living in cars and at friends places/garages will of course benefit if the average price of the housing drops

Re: Goodbye, New York, California and Illinois – Hello where?

#26

Post by Touche »

option wrote: post #25
triceratops wrote: post #8

Earlier quoted context omitted.

> $600k avg home price. > homeless encampments on our bike trails These seem linked somehow...

Are they really? An honest question - suppose the housing does a nosedive to 100K. I still find it hard to believe that those living on the streets in tents with no jobs will rush to buy houses. The other category of “invisible” homeless - those living in cars and at friends places/garages will of course benefit if the average price of the housing drops

You understand rent would also go down too right?

Re: Goodbye, New York, California and Illinois – Hello where?

#27

Post by ivanbakel »

option wrote: post #25
triceratops wrote: post #8

Earlier quoted context omitted.

> $600k avg home price. > homeless encampments on our bike trails These seem linked somehow...

Are they really? An honest question - suppose the housing does a nosedive to 100K. I still find it hard to believe that those living on the streets in tents with no jobs will rush to buy houses. The other category of “invisible” homeless - those living in cars and at friends places/garages will of course benefit if the average price of the housing drops

That would be the most naive interpretation of the relationship - what if, for example, the invisible homeless also burden charities and other support systems in a way that leads to more visible homelessness? What if, given that high prices are a sign of lack of supply, visible homelessness is just a symptom of lack of construction in the county?

"Suppose the house price drops" is a very non-specific hypothetical. Why would the house price drop, and what impact could that have on homelessness?

Re: Goodbye, New York, California and Illinois – Hello where?

#28

Post by maximente »

tardo99 wrote: post #3

I live in California. An interesting thing we learned is that if we move out of the country for, say, 3 years, unless we set up our lives so we have no intention of remaining California residents, the state will continue to pursue us for income taxes even while overseas. Federal law has a different system which makes more sense -- a tax exemption while overseas. Given that we expect to spend a substantial amount of t…

this largely depends on your future plans, such as if you plan to return upon your return to the US. my non-professional recommendation to you is to minimally get a lease w/ witness while signing it in new state, new drivers' license, and utility bills in your name with non-trivial activity. obviously this is not free, but consider it insurance and vastly cheaper than 11% + penalty backtaxes on CA income.

obviously you are welcome to skimp out on any one of these, but you'll have trouble convincing auditors you're a resident without it. note that NYC tax authorities have solicited location data for purposes of 183 day rule, etc.; i am not an expert in CA but precedent is there.

Post reply on HN