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Monthly Archives: October 2016

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CODE SECTION 1031 TAX DEFERRED EXCHANGE ISSUES

Post on @Quora by @JeffTravis_CPA: CODE SECTION 1031 TAX DEFERRED EXCHANGE ISSUES

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CODE SECTION 1031 TAX DEFERRED EXCHANGE ISSUES

CODE SECTION 1031 TAX DEFERRED EXCHANGE ISSUES

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Tax, Accounting, and Consulting Services

Post on @Quora by @JeffTravis_CPA: Tax, Accounting, and Consulting Services

Post by Jeffrey B Travis:

Tax, Accounting, and Consulting Services

Tax, Accounting, and Consulting Services

WORKER CLASSIFICATION | Jeffrey B. Travis, CPA

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Post by JEFFREY TRAVIS CPA:

WORKER CLASSIFICATION | Jeffrey B. Travis, CPA

WORKER CLASSIFICATION | Jeffrey B. Travis, CPA

Jeffrey B. Travis CPA

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Post by Jeffrey B Travis CPA:

Jeffrey B. Travis CPA

Jeffrey B. Travis CPA

Jeffrey B. Travis | 847–267–0300

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Jeffrey B. Travis | 847–267–0300

Jeffrey B. Travis | 847–267–0300

CHANGING YOUR RESIDENCY

jeffreybtraviscpa.com

CHANGING YOUR RESIDENCY

Why should we care about where you live or where you want to move? The importance of residency status has tax implications depending on where you live.

1) 17 States still impose an estate or inheritance tax
2) All but 8 States impose a state level tax on all retirement income
3) New York and California have the highest Estate and State income taxes

There are two tests for Residency

1) The Domicile Test
2) The Statutory Residency Test

The Domicile Test is typically a “leave and land” test. Looking for a lifestyle change.
Examples are the following:

1) Typical Snowbird
2) Retirement
3) Upsizing and downsizing
4) Health issues move
5) Burden of proof lies in the party asserting the change

Five primary domicile factors are:

1) Home
2) Business
3) Time
4) Family
5) Near and Dear

Statutory Residency-The general concept is your home is somewhere else, but you are here enough to be taxed as a resident. Two major tests:

1) 183 days AND
2) A permanent place of abode

Jeff Travis, CPA | 847-267-0300

JEFFREY B. TRAVIS | jeffreybtraviscpa.com from Jeffrey B. Travis, CPA.