phyllen
Bridgeton, NJ
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Joined: 10/27/2007
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We will be selling our house in Jan to our daughter in NJ and starting to fulltime. However, it will be on a lease/purchase agreeement as she needs a 20% down payment and will be short some amount even after selling her condo.
We had planned on becoming Tx residents. The question is, since we legally will still own a house in NJ, can we do that? We wanted TX residency for tax, health ins. savings, RV/Truck registration saving, etc.
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wayne_tw
South Dakota/Georgia
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Joined: 07/21/2007
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www.alternativeresources.net
Become a South Dakota resident instead of a Texas resident.
Change your house from your private residence to investment property.
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boaterman
Arlington, TX
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You must be a resident in the state and house, two out of the last five years so that you qualify for the capital gains tax benefit... Check with your CPA...
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mytime
Eastern North Carolina
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boaterman wrote:You must be a resident in the state and house, two out of the last five years so that you qualify for the capital gains tax benefit... Check with your CPA...
This is what I was thinking, capital gains if you are concerned?
Another thing you may want to consider is Owner Finance, if indeed you plan on selling your house,(instead of the lease) work out some owner finance agreement, I think then you would be able to qualify for capital gains deduction.. which I have heard is going to be a thing of the past with the new election..JMO by no means am I an expert...
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BarbaraOK
Livingston, Texas, USA
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You can own property in any state - doesn't make you a resident.
Make sure you read the Escapees Booklet How To Be A Real Texan. That will outline what you need to do to establish residency in Texas. And check out the Escapees forum for more information on establishing your new residency.
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phyllen
Bridgeton, NJ
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Thanks - we are Escapees members and plan on heading to Livingston first. I was just worried that since we own property in NJ, we would have to still declare NJ as our residence. I will get that Booklet.
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sfprop
San Francisco
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Joined: 11/22/2006
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Your residence / domicile is where you live - it depends on intent (as indicated by the links to your residential state as will be outlined in the book). You can own property anywhere. You may need to file an additional income tax return in states where you own property but are not your residence.
The idea to sell now, or in Jan., via installment sale is a good idea (above). Especially since the sale is to your daughter, a trusted buyer.
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WTTCS
freedom , U.S.A.
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"Your residence / domicile is where you live - it depends on intent (as indicated by the links to your residential state as will be outlined in the book). You can own property anywhere. You may need to file an additional income tax return in states where you own property but are not your residence. "
HUH?
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avan
Sioux Falls, SD & Livingston,TX
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Quote:Especially since the sale is to your daughter, a trusted buyer. Not sure this logic would ever have held up. Doubt that it generally does today. Relatives as borrowers has traditionally been the road to trouble.
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phyllen
Bridgeton, NJ
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In this case, she is trusted. I only wish I made the money she does. She has always been very responsible. But unfortunately with the housing downturn the condo she bought 7 years ago has taken a beaten. She would like to hold on to it until she can get a better deal. We all would love for her to buy our "family home".
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