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 June 04, 2007

If you own a Vacation Home, Be Aware of which Address you Call Home
Owners of vacation homes that are in different states should be very clear as to which address they call their home. If the owner is not very specific as to which home is the vacation home, they could end up paying state income taxes in both locations of their homes.
People will sometimes switch their primary address to their vacation home address if that state has lower taxes than the one they reside in. Owners should be careful to change all their information to the new address, including passports, voter registrations, driver licenses and automobile registrations. They should also file federal income tax returns from the new address as well.

Keep in mind that if you spend more than six months in the chosen state that you keep very good records and that it could be proven if need be.

There are seven states that do not have personal income tax: Florida, Alaska, Texas, Wyoming, Washington, Nevada and South Dakota. Tennessee and New Hampshire have only a limited tax on certain items.

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