Choosing your domicile state has income tax implications

Ophthalmology Times | October 1, 2006| | Copyright

More than one home

You may be required to show proof of 'state of legal residence'

Money Matters

Q I intend to take part-time residence in a state that has no state income taxes. What is meant by establishing a domicile state and what is my liability for state income taxes?

A You do need to provide proof that this is your domicile state where you will maintain your legal residence. Pomicile is determined by intent, rather than by the length of time you spend in a state. You may establish a state as your domicile the first moment you occupy property there, provided your intent is to return ...

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