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Reply to "Moving Residency for Tax Purposes - Anyone Done This?"
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[quote=Anonymous][quote=Anonymous]While you save income tax…the larger reason to do it are DC estate taxes. They kick in at a little more than $4MM.[/quote] This is my sister and her DH. They have relocated to their country house in VA (no estate tax) where they have established residency while keeping their DC house. Far less than 1 percent of DC tax revenue comes from estate taxes. Yet it drives high income individual out of DC into these kind of residency arrangements. Too bad—especially as they are willing to pay high income taxes but can’t stomach the high estate taxes. Once again DC cuts off its nose to spite its face in the name of equity.[/quote]
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