old quail hill vs new stonegate

[irvineshadow]

I am OK with CA housing price. Just don't want to pay the state TAX.

I lived in Vegas for a bit, your money will go a lot further out there than in Irvine.  A million dollars will buy you a large home on the golf course with a view of the strip.

Buy a home in Irvine and buy a home in Las Vegas.  Get a Nevada driver's license and set up your residency there and your tax returns and work related items will be mailed to your Nevada address (assuming the way that you generate your income has nothing to do with doing business in CA).  Irvine will be "second" home where you can live 99% of the time.

Would this be as helpful if you still work (a fulltime job) in California ?  Ideas like this have crossed my mind but I don't konw what it would be like in practice.

 

[usctrojancpa]

I am OK with CA housing price. Just don't want to pay the state TAX.

I lived in Vegas for a bit, your money will go a lot further out there than in Irvine.  A million dollars will buy you a large home on the golf course with a view of the strip.

Buy a home in Irvine and buy a home in Las Vegas.  Get a Nevada driver's license and set up your residency there and your tax returns and work related items will be mailed to your Nevada address (assuming the way that you generate your income has nothing to do with doing business in CA).  Irvine will be "second" home where you can live 99% of the time.

Would this be as helpful if you still work (a fulltime job) in California ?  Ideas like this have crossed my mind but I don't konw what it would be like in practice.

Unfortunately this would not work if you have a job where the income is generated out of California.  Basically you are liable for taxes in the state where you work and generate income so if you have a full time job in California, you'll need to pay California state income taxes even if you have a Nevada residency (the employer would send your W-2 to California so they would know you earned income in California).  However, let's say that you are a day trader (you can work anywhere) then you make the claim that your income was generated in Nevada and thus do not have to pay any California state income tax. 

 

[Cklein]

I am not greedy. I will pay my due for 2012. Worrying about 2013 and going forward.

I am OK with CA housing price. Just don't want to pay the state TAX.

You may want to know this....
http://www.examiner.com/article/fra...2-tax-rate-schedules-after-passage-of-prop-30

www.ftb.ca.gov/forms/2012_California_Tax_Rates_and_Exemptions.shtml

(Scroll down on the Franchise Tax Board link above for the tax rate schedules.)

 

[usctrojancpa]

I am not greedy. I will pay my due for 2012. Worrying about 2013 and going forward.

I am OK with CA housing price. Just don't want to pay the state TAX.

You may want to know this....
http://www.examiner.com/article/fra...2-tax-rate-schedules-after-passage-of-prop-30

www.ftb.ca.gov/forms/2012_California_Tax_Rates_and_Exemptions.shtml

(Scroll down on the Franchise Tax Board link above for the tax rate schedules.)

A little advanced tax planning can go a long way. 

 

[Cklein]

How about if I invested in one of CA companies. And all I got is dividend,  distribution?

Unfortunately this would not work if you have a job where the income is generated out of California.  Basically you are liable for taxes in the state where you work and generate income so if you have a full time job in California, you'll need to pay California state income taxes even if you have a Nevada residency (the employer would send your W-2 to California so they would know you earned income in California).  However, let's say that you are a day trader (you can work anywhere) then you make the claim that your income was generated in Nevada and thus do not have to pay any California state income tax.

 

[usctrojancpa]

How about if I invested in one of CA companies. And all I got is dividend,  distribution?

Unfortunately this would not work if you have a job where the income is generated out of California.  Basically you are liable for taxes in the state where you work and generate income so if you have a full time job in California, you'll need to pay California state income taxes even if you have a Nevada residency (the employer would send your W-2 to California so they would know you earned income in California).  However, let's say that you are a day trader (you can work anywhere) then you make the claim that your income was generated in Nevada and thus do not have to pay any California state income tax.

As long as you didn't generate earned income via a W-2, the dividends would be taxable in whatever state you had your residency (K-1 statement/s and/or distribution checks would need to be addressed to where your residency would need to be).

 

[Cklein]

Sounds really good.
I do have a W2. I could certainly convert everything to 1099, and send everything to Neveda?

Am I still allowed to buy a house here, and enjoy the weather?

But for the sake of it, can I still have a w2, say, $100K, and K1 goes to Nevada.

I will pay my W2 tax due here, and K1 tax due in Nevada? Is this possible? I don't mind to pay SOME thing to CA state tax board.

How about if I invested in one of CA companies. And all I got is dividend,  distribution?

Unfortunately this would not work if you have a job where the income is generated out of California.  Basically you are liable for taxes in the state where you work and generate income so if you have a full time job in California, you'll need to pay California state income taxes even if you have a Nevada residency (the employer would send your W-2 to California so they would know you earned income in California).  However, let's say that you are a day trader (you can work anywhere) then you make the claim that your income was generated in Nevada and thus do not have to pay any California state income tax.

As long as you didn't generate earned income via a W-2, the dividends would be taxable in whatever state you had your residency (K-1 statement/s and/or distribution checks would need to be addressed to where your residency would need to be).

 

[usctrojancpa]

Sounds really good.
I do have a W2. I could certainly convert everything to 1099, and send everything to Neveda?

Am I still allowed to buy a house here, and enjoy the weather?

But for the sake of it, can I still have a w2, say, $100K, and K1 goes to Nevada.

I will pay my W2 tax due here, and K1 tax due in Nevada? Is this possible? I don't mind to pay SOME thing to CA state tax board.

How about if I invested in one of CA companies. And all I got is dividend,  distribution?

Unfortunately this would not work if you have a job where the income is generated out of California.  Basically you are liable for taxes in the state where you work and generate income so if you have a full time job in California, you'll need to pay California state income taxes even if you have a Nevada residency (the employer would send your W-2 to California so they would know you earned income in California).  However, let's say that you are a day trader (you can work anywhere) then you make the claim that your income was generated in Nevada and thus do not have to pay any California state income tax.

As long as you didn't generate earned income via a W-2, the dividends would be taxable in whatever state you had your residency (K-1 statement/s and/or distribution checks would need to be addressed to where your residency would need to be).

Even with a 1099, it comes down if the Company will send it over to the CA Franchise Tax Board.  If you do work in CA as a 1099 contractor (whether the company is in CA or not) then you still would be liable for the income you obtained via the 1099.  But with as a contractor, you can claim a lot of deductions (including mileage expense).  So if you only generated only $100k of income in CA (via 1099 or W-2) then you would only need to pay the taxes on that amount.  You would file a federal tax return with everything with your Nevada address, a CA return for the $100k worth of income with your Nevada address, and no tax return in Nevada (there is no state income in Nevada).  PM me if you want to go through the steps of setting something like this up in more detail. 

 

[The Motor Court Company]

why not consider Laguna Altura? it is very tranquil.

 

[Cklein]

You have to drive to go to the closest shopping center.

 

[irvinehomeowner]

why not consider Laguna Altura? it is very tranquil.

You know... if LA was a bit cheaper... I might consider it. Although... that $295 HOA is like a $75000 difference in loan amount (which is like much more in the buy amount).

 

[socaltrojan81]

I was up there over the weekend. I like the gated entry (looks nice) and the location...close to Spectrum.. closer to beach..blah ..blah.

BUT there is this constant buzz from 405 and I'm not kidding. I was on the Siena side of the community and I could hear it loud and clear. Can you hear it from where your property is located? Didn't really pay attention when I was down near the pool area/clubhouse.

why not consider Laguna Altura? it is very tranquil.