Anonymous wrote:I'm another person who doesn't get the hype about Jackson Hole. Remote and hard to get to, and has one shopping street full of boutiques selling $300 scarves and galleries with $2000 vases.

Anonymous wrote:

Anonymous wrote:No state income tax in Wyoming. We know 2 wealthy people who make it their primary residence for that reason. And they've achieved wealth critical mass so there are the amenities wealthy people want - a good airport, great restaurants, decent shopping, cultural and outdoor activities, etc.

Legit question: do these people actually spend 51% of their time in no income tax states?

I’m convinced that many do not and this is actually one of the biggest sources of tax fraud, tho it’s very difficult to police.

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Anonymous wrote:

Anonymous wrote:No state income tax in Wyoming. We know 2 wealthy people who make it their primary residence for that reason. And they've achieved wealth critical mass so there are the amenities wealthy people want - a good airport, great restaurants, decent shopping, cultural and outdoor activities, etc.

Legit question: do these people actually spend 51% of their time in no income tax states?

I’m convinced that many do not and this is actually one of the biggest sources of tax fraud, tho it’s very difficult to police.

We know several retired people who are legal residents of Florida but spend most of their time in the Bahamas. They return to Maryland for the six months minus one day (maximum time you can reside in Maryland without being recognized as a resident). So they actually spend very little time in Florida and only in transit for the most part but they are still legal residents of Florida, not Maryland even though they spend more time in Maryland than Florida!

It's quite common and very legal. It's not fraud. It may not seem fair but it's not fraud.

It's interesting to note that Maryland has conflicting interests here...the more captive you make your residency formula, the more income tax you will potentially capture...but at the same time, you scare away snowbirds from other states (a fast growing population) and get fewer sales, use, and property taxes.

pretty much every state has this residency requirement. A friend is changing their residency from DC to FL because they split their time in 3 homes and aren't in any of them for 6 months - they can pick their official residence since they aren't in DC for 6 months and a day. They do need to get FL drivers licenses, car registrations, etc.

I don't understand why states just don't move to a pro-rata residency requirement, perhaps with a two-week minimum to file taxes. Six months minus one day made sense in the horse & buggy era, but not today.

it does work that way for earned income. if i'm a DC resident but i work for 1 week in California, i'm supposed to file a California non-resident return for 1/52 of my income. this famously applies to professional athletes, who have to file returns in every state with an income tax where a match takes place.

but it would be difficult to apply this same formula to unearned income like dividends, capital gains, or a pension. if i'm retired and a travel to disneyland LA for a week, all of a sudden i need to file a non-resident tax return? what if i'm just driving across the country and spend a day or two in each state? and so on and so forth.

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Anonymous wrote:

Anonymous wrote:No state income tax in Wyoming. We know 2 wealthy people who make it their primary residence for that reason. And they've achieved wealth critical mass so there are the amenities wealthy people want - a good airport, great restaurants, decent shopping, cultural and outdoor activities, etc.

Legit question: do these people actually spend 51% of their time in no income tax states?

I’m convinced that many do not and this is actually one of the biggest sources of tax fraud, tho it’s very difficult to police.

We know several retired people who are legal residents of Florida but spend most of their time in the Bahamas. They return to Maryland for the six months minus one day (maximum time you can reside in Maryland without being recognized as a resident). So they actually spend very little time in Florida and only in transit for the most part but they are still legal residents of Florida, not Maryland even though they spend more time in Maryland than Florida!

It's quite common and very legal. It's not fraud. It may not seem fair but it's not fraud.

It's interesting to note that Maryland has conflicting interests here...the more captive you make your residency formula, the more income tax you will potentially capture...but at the same time, you scare away snowbirds from other states (a fast growing population) and get fewer sales, use, and property taxes.

pretty much every state has this residency requirement. A friend is changing their residency from DC to FL because they split their time in 3 homes and aren't in any of them for 6 months - they can pick their official residence since they aren't in DC for 6 months and a day. They do need to get FL drivers licenses, car registrations, etc.

I don't understand why states just don't move to a pro-rata residency requirement, perhaps with a two-week minimum to file taxes. Six months minus one day made sense in the horse & buggy era, but not today.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:No state income tax in Wyoming. We know 2 wealthy people who make it their primary residence for that reason. And they've achieved wealth critical mass so there are the amenities wealthy people want - a good airport, great restaurants, decent shopping, cultural and outdoor activities, etc.

Legit question: do these people actually spend 51% of their time in no income tax states?

I’m convinced that many do not and this is actually one of the biggest sources of tax fraud, tho it’s very difficult to police.

We know several retired people who are legal residents of Florida but spend most of their time in the Bahamas. They return to Maryland for the six months minus one day (maximum time you can reside in Maryland without being recognized as a resident). So they actually spend very little time in Florida and only in transit for the most part but they are still legal residents of Florida, not Maryland even though they spend more time in Maryland than Florida!

It's quite common and very legal. It's not fraud. It may not seem fair but it's not fraud.

It's interesting to note that Maryland has conflicting interests here...the more captive you make your residency formula, the more income tax you will potentially capture...but at the same time, you scare away snowbirds from other states (a fast growing population) and get fewer sales, use, and property taxes.

pretty much every state has this residency requirement. A friend is changing their residency from DC to FL because they split their time in 3 homes and aren't in any of them for 6 months - they can pick their official residence since they aren't in DC for 6 months and a day. They do need to get FL drivers licenses, car registrations, etc.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:No state income tax in Wyoming. We know 2 wealthy people who make it their primary residence for that reason. And they've achieved wealth critical mass so there are the amenities wealthy people want - a good airport, great restaurants, decent shopping, cultural and outdoor activities, etc.

Legit question: do these people actually spend 51% of their time in no income tax states?

I’m convinced that many do not and this is actually one of the biggest sources of tax fraud, tho it’s very difficult to police.

We know several retired people who are legal residents of Florida but spend most of their time in the Bahamas. They return to Maryland for the six months minus one day (maximum time you can reside in Maryland without being recognized as a resident). So they actually spend very little time in Florida and only in transit for the most part but they are still legal residents of Florida, not Maryland even though they spend more time in Maryland than Florida!

It's quite common and very legal. It's not fraud. It may not seem fair but it's not fraud.

It's interesting to note that Maryland has conflicting interests here...the more captive you make your residency formula, the more income tax you will potentially capture...but at the same time, you scare away snowbirds from other states (a fast growing population) and get fewer sales, use, and property taxes.

Anonymous wrote:

Anonymous wrote:I'm another person who doesn't get the hype about Jackson Hole. Remote and hard to get to, and has one shopping street full of boutiques selling $300 scarves and galleries with $2000 vases.

It has an airport and is basically IN the Tetons (why to people keep mentioning Yellowstone)?

It is like Aspen, Vail, Beaver Creek, etc. Gorgeous year round and with all season activities.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:No state income tax in Wyoming. We know 2 wealthy people who make it their primary residence for that reason. And they've achieved wealth critical mass so there are the amenities wealthy people want - a good airport, great restaurants, decent shopping, cultural and outdoor activities, etc.

Legit question: do these people actually spend 51% of their time in no income tax states?

I’m convinced that many do not and this is actually one of the biggest sources of tax fraud, tho it’s very difficult to police.

We know several retired people who are legal residents of Florida but spend most of their time in the Bahamas. They return to Maryland for the six months minus one day (maximum time you can reside in Maryland without being recognized as a resident). So they actually spend very little time in Florida and only in transit for the most part but they are still legal residents of Florida, not Maryland even though they spend more time in Maryland than Florida!

It's quite common and very legal. It's not fraud. It may not seem fair but it's not fraud.

Anonymous wrote:

Anonymous wrote:No state income tax in Wyoming. We know 2 wealthy people who make it their primary residence for that reason. And they've achieved wealth critical mass so there are the amenities wealthy people want - a good airport, great restaurants, decent shopping, cultural and outdoor activities, etc.

Legit question: do these people actually spend 51% of their time in no income tax states?

I’m convinced that many do not and this is actually one of the biggest sources of tax fraud, tho it’s very difficult to police.

Anonymous wrote:Was surprised to find that its expensive as Manhattan. Even more so.

All the houses are over $1M?? Even the tract suburban ones.

https://www.zillow.com/homedetails/605-E-Hansen-Ave-Jackson-WY-83001/194365611_zpid/
https://www.zillow.com/homedetails/6650-Forweal-Dr-Jackson-WY-83001/194362849_zpid/
https://www.zillow.com/homedetails/475-S-Jackson-St-Jackson-WY-83001/194364706_zpid/

Anonymous wrote:

Anonymous wrote:No state income tax in Wyoming. We know 2 wealthy people who make it their primary residence for that reason. And they've achieved wealth critical mass so there are the amenities wealthy people want - a good airport, great restaurants, decent shopping, cultural and outdoor activities, etc.

Legit question: do these people actually spend 51% of their time in no income tax states?

I’m convinced that many do not and this is actually one of the biggest sources of tax fraud, tho it’s very difficult to police.

Anonymous wrote:No state income tax in Wyoming. We know 2 wealthy people who make it their primary residence for that reason. And they've achieved wealth critical mass so there are the amenities wealthy people want - a good airport, great restaurants, decent shopping, cultural and outdoor activities, etc.

Anonymous wrote:No state income tax in Wyoming. We know 2 wealthy people who make it their primary residence for that reason. And they've achieved wealth critical mass so there are the amenities wealthy people want - a good airport, great restaurants, decent shopping, cultural and outdoor activities, etc.