You can leverage your primary residence to live anywhere…
For less than 6 months and not owe income tax.
This is a re-uploaded version –
I recently made some edits and cut down the video length.
00:00 – Intro
00:47 – Establishing Residency
02:28 – Leveraging State Residence
04:29 – Time Allocation
08:00 – Holes in the plan
11:30 – Words of Grace 🙏🏽
Disclosure: I’m not a professional tax advisor.
This entire video is for entertainment purposes, only.
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Here’s how this plan would work, “hypothetically”:
First, you establish residency in a tax-free state. That means you live there for over ~6 months.
Visit your primary residence at least one month out of the year to keep the “residency police” chill.
So minimum 1 month in a TX, FL, or maybe NV. Now, allocate the rest of your time to be anywhere else for less than ~6 months in a given place.
NEW YORKERS, just an idea:
1 Month in TX or FL
4.5 Months in New Jersey (You can visit NY, but counts as a day)
5 months in NY (Leaves about a month open for visiting)
0.5 month vacation
Equals a full year, no new residency established.
For Californians:
5.5 Months in Nevada (You can visit Cali, but counts as a day)
5 months in CAL (Leaves about a month open for visiting)
0.5 month vacation
Equals a full year, no new residency established.
Hope you get the plan, pretty simple in terms of concept – Don’t stay anywhere for more than ~ 6 months (with exception of your primary residence)
Feel free to study this on an international level, it’s totally possible.. but probably better suited for income earners maybe above 200k or in a more passive situation. The reason being is that the plan has a cost, which has to be justified by savings v.s. the avoided taxes, better productivity, better lifestyle, happiness, ect…
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