The COVID-19 pandemic has made many people rethink their living situations; in fact, in the first six months of the pandemic, almost 16 million people moved or temporarily changed residences. As anyone who has experience moving to a new place will tell you, it can be easy to overlook some details about the move. But there is one area you cannot afford to neglect: formally establishing your new place of residence for tax purposes.
State tax authorities are aggressively pursuing unpaid taxes and challenging individuals’ claims that they have moved to another state. If you have moved (especially from a high-tax state to a lower-tax one), formally establishing residency in the new state can help you avoid an unexpected tax hit.
This communication is for informational purposes only. No content or reference to a third-party article is intended to be a recommendation for the sale or investment in any product, strategy or service nor should it be perceived as individual advice. This commentary does not necessarily reflect the opinions of all employees or XML Financial Group and its affiliates (“XML”). XML is not responsible for any actions taken related to this information.
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